Aussies' personal wealth hits record high

The average Australian is now worth what they were pre-GFC - and some experts believe this may fuel an investment move away from cash and deposits



Australians’ personal wealth has again reached pre-GFC levels, sitting at $75,995 per person, according to new Australian Bureau of Statistics (ABS) data.

The ABS release shows net wealth has jumped 3% in the past year, from $73,352 to a record $75,955 per person in the March quarter, driven largely by strong gains on the share market.

Despite recent volatility on the stock market, some analysts are tipping the ASX 200 will rally strongly in the next six months to reach the 5200 point threshold by the end of the year.

CommSec economist Savanth Sebastian told News Ltd that this should provide some cheer given the ‘underlying conservatism’ that dominates the economic debate.

"It may prompt consumers to invest in asset classes other than deposits and spend a bit more freely," he said.

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