Care of Commsec market update
In economic data released today, ABS figures show that Australian households have experienced the biggest annual slide in financial wealth for 20 years. Net financial assets (assets less liabilities) of households fell by 16.1pct over the past year, the biggest annual decline in records extending back to 1988. However it is clear Australians have responded to the global financial crisis by putting their money in the bank with the value of currency and deposits rising by $70 billion in the June quarter to a record $1.3 trillion. CommSec Chief Economist Craig James said of the data “Clearly, cash is king .....(and) the sharp slide in wealth levels over the past year will ensure that consumers remain extremely wary about making major new purchases or taking on more debt.”
Cliff
In economic data released today, ABS figures show that Australian households have experienced the biggest annual slide in financial wealth for 20 years. Net financial assets (assets less liabilities) of households fell by 16.1pct over the past year, the biggest annual decline in records extending back to 1988. However it is clear Australians have responded to the global financial crisis by putting their money in the bank with the value of currency and deposits rising by $70 billion in the June quarter to a record $1.3 trillion. CommSec Chief Economist Craig James said of the data “Clearly, cash is king .....(and) the sharp slide in wealth levels over the past year will ensure that consumers remain extremely wary about making major new purchases or taking on more debt.”
Cliff