Half a trillion in wealth wiped from Australian households in three months

High interest rates and financial turmoil have wiped $500 billion in wealth from Australian households, with warnings from Treasurer Jim Chalmers the global economy has become a “pretty dangerous place” that will pull some of Australia’s key trading partners into recession.

Figures from the Australian Bureau of Statistics show the early impact of the interest rate rises in the three months to June, with total household net worth falling by $484.1 billion or by more than $5 billion a day.The bureau said the drop was driven by weakness in the housing market and the superannuation sector.

It’s the nation’s highest inflation rate since the middle of 1990 when the Reserve Bank had interest rates at 15.5 per cent. Chalmers, speaking in Brisbane, departed from his official remarks to reflect on the events playing out in Britain and around the world, saying it was clear the global economic outlook was deteriorating.

“It seems more likely than not, in some of the big countries with which we compare ourselves, some of our big trading partners, that they will go into some kind of downturn, if they’re not there already.”by the middle of the decade.

swrighteconomy During the election time he blamed Libs and said he can fix everything, where?. Now blaming for global issues instead. Labor lied to get elected and all the 55 year olds women voted them in.

swrighteconomy This bloke has been promoted way above his pay scale.

swrighteconomy Phew it’s only $500,000,000,000 not $1,000,000,000,000 forecasted under Chalmers. The 0s makes the impact of my comment much more poignant.

swrighteconomy What's worse is an L plate treasurer who thinks spending 240 billion in high income tax cuts including every politician with a trillion dollar debt, endless budget deficits, cost of living crisis hanging over our heads. As opposed to investing in life changing essential services.

swrighteconomy It’s particularly endangered by the collective madness of western governments that not only believe they can reduce global warming, but the best way to do it is through a mish mash of central planning policies.

swrighteconomy Q-Time Gov 27 Sep 2022, From the Parliamentary Budget Office Labor has committed to additional spending of over $18 billion over the forward estimates and $45 billion of additional balance sheet spending.

swrighteconomy Dude's so outa his depth.

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