The Covid-19 pandemic has changed how rich Aussies are but it hasn’t impacted everyone equally - one group in particular is better off.
Australian Bureau of Statistics data released last week showed wealth per capita rose to a record high of $540,179 in the September quarter.
Australia Institute chief economist Richard Denniss said Australians had not benefited evenly from these asset price increases.“If you had a $400,000 house, you made $80,000 tax free. And of course people who didn’t own a house got zero.” 30 per cent of Australians thought their families were “better off” financially than this time last yearMr Denniss said the Covid pandemic had increased inequality in Australia, leaving some people without jobs while others accumulated large amounts of savings.
“But as for when they will spend that money and whether they will spend it in Australia or not, only time will tell,” he said.“Ultimately we can’t all get rich selling houses to each other,” he said.
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