We’re richer than ever, but living beyond our means

Australia has all the signs of unlimited prosperity. Near full employment, high resource prices, a demand for housing that we cannot meet – and we’re richer than ever. Total household wealth rose by $339 billion, or 2.3 per cent, in the September quarter to a record high of $15.3 trillion. That means every person is notionally worth $575,000. We owe our wealth to the Australian dream: the value of Australians’ homes and land jumped by $250 billion in the quarter, to another record $9.9 trillion. The previous record of $9.7 trillion was set in early 2022. Dark clouds hover over our future - we are living beyond our means. Credit:…