Following the US Federal Reserve's decision to lower interest rates, the Australian dollar has weakened to its lowest point since October 2022. The Australian share market (ASX) has also experienced a significant decline.
The Australian dollar has fallen to around 62 US cents, its weakest level since October 2022, while the local share market has tumbled in early trade. It comes after the US Federal Reserve cut interest rates by 0.25 percentage points, but indicated there would be fewer rate reductions next year as it forecasts inflation will stay higher for longer.New figures from the Bureau of Statistics show Australia's total household wealth was $16.9 trillion in the September quarter, which was 9.
9% higher than a year ago (+$1.5 trillion). It rose 3.7% ($61.5 billion) in the quarter, which reflected a higher household saving ratio. The growth in gross disposable income, driven by an increase in income received by households and the introduction of the government's policies, also contributed. 'Household wealth continues to be supported by rising house prices despite recent moderation in growth,' said Dr Mish Tan, ABS head of finance statistics. 'Strong performances in domestic and overseas share markets contributed to the growth in household superannuation balances this quarter.”Land and residential dwellings (the blue bars) and superannuation balances (the orange bars) are typically the biggest drivers of household wealth each quarter. The graph below shows where things are sitting for Australia. According to the September quarter GDP figures released two weeks ago, in the last four quarters Australia's economy has grown by 0.2%, 0.2%, 0.2%, and 0.3%
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