AUSTRALIAN households have lost an extraordinary 36 per cent of their financial wealth since the economic crisis began.
Estimates from the Australian Bureau of Statistics put combined household wealth at just short of $787 billion at the end of March, down from a peak of $1246 billion in September 2007.
The total includes household wealth held in cash, bank deposits, bonds and shares, but net of borrowing. Significantly it excludes wealth held in the form of superannuation and real estate, and both of these have also dived since the crisis began.
ยป We’ve lost 36% of wealth – The Sydney Morning Herald, 27th June 2009.