“That, of course, is benefiting those Australians who have house and land. It’s not so good for those Australians trying to get into it.”

Where did wealth fall?

“Household superannuation balances fell for the first time since the September quarter 2022 as global uncertainty weighed on share prices,” ABS head of finance statistics Mish Tan said.

“A typical super fund would see about 60 or 70 per cent of its assets invested in shares. When shares take a tumble, that of course affects super fund returns.”

Wealth among the wealthiest growing ‘much faster’

With the majority of Australia’s wealth in land and dwellings, it’s not surprising that wealth inequality manifests itself in housing — where a generational wealth divide has become more pronounced in recent decades.

In that same span of time, the rates of home ownership among Australians aged 25–29 declined from 50 per cent to 36 per cent.

Housing prices set to continue rising

“Right now, it looks like interest rates are heading lower, which will probably push up house prices and land prices further. So, I suspect that the housing component of residential wealth will see further gains through the remainder of the year,” he said.