Australia: the $6.9 trillion nation
If you’re feeling a little flush lately here’s why: recent stats from Ibisworld show at June 30th our nation had assets of almost $7 Trillion (that’s 7 million millions if you’re trying to get a handle on the number!). Even after allowing for some debt that’s net assets equivalent to $700,000 for every Australian household.
As you’d expect much of the assets ($4.2 Trillion) is held in property and residential dwellings account for almost two-thirds of that. Offices are the next largest property holding, at just 7.5%. Despite the long-held love affair with residential property for investment, Aussies are slowly responding to the government’s incentives and channelling more into superannuation.
At a Brisbane seminar last week BT’s Chief Economist Chris Caton confirmed what many have suspected however: even with compulsory super Australians are now saving less than we used to.