Household net worth fell $56.8 billion, or 2.5 percent, in the September 2022 quarter, following similar falls in the March and June 2022 quarters.
“In the first nine months of 2022, household net worth fell $179.4 billion, a decline of 7.4 percent,” national accounts institutional sector insights senior manager Paul Pascoe said.
Driving the fall in net worth was owner-occupied property, down $91.1 billion, and financial assets (including shares and investment funds) down $78.6 billion. In addition, household debt rose $9.6 billion.
These changes mean that household net worth at September 2022 of $2,250 billion is now just above the value recorded at June 2021, of $2,237 billion.
Net worth is the value of all assets owned by households less the value of all their liabilities.
| Quarter | Net Worth |
| Jun-16 | 1444300000000 |
| Sep-16 | 1498634000000 |
| Dec-16 | 1525506000000 |
| Mar-17 | 1533950000000 |
| Jun-17 | 1570526000000 |
| Sep-17 | 1601764000000 |
| Dec-17 | 1636390000000 |
| Mar-18 | 1652111000000 |
| Jun-18 | 1658487000000 |
| Sep-18 | 1692893000000 |
| Dec-18 | 1702020000000 |
| Mar-19 | 1726878000000 |
| Jun-19 | 1719222000000 |
| Sep-19 | 1746717000000 |
| Dec-19 | 1786324000000 |
| Mar-20 | 1806738000000 |
| Jun-20 | 1841169000000 |
| Sep-20 | 1922135000000 |
| Dec-20 | 2044246000000 |
| Mar-21 | 2161215000000 |
| Jun-21 | 2236969000000 |
| Sep-21 | 2334940000000 |
| Dec-21 | 2428942000000 |
| Mar-22 | 2381653000000 |
| Jun-22 | 2306357000000 |
| Sep-22 | 2249561000000 |
The fall in household net worth in the September 2022 quarter was mainly driven by the decrease in residential property valuations, particularly land. The fall in household owner occupied property assets accounted for $41.6 billion (73.2 percent) of the fall in net worth since the June quarter.
The falling property values were also the main cause of the $12.7 billion, (1.0 percent) fall in household’s financial assets. Rental property owned by households is recorded within equity assets (property valuation less any mortgage held) as a financial asset.
Partly offsetting this fall in equity assets was a continuation of the rise in currency and deposits held by households, up $2.6 billion (1.1 percent). In addition, households’ insurance and pension assets saw a small increase following decreases in the previous two quarters.
Household loan liabilities continue to increase, up $2.5 billion (0.9 percent) this quarter. The rate of increase in household debt has been slowing since the December 2021 quarter. Loan liabilities are composed of household mortgages, and consumer and student loans.
