We’re a lot less wealthy

AUSTRALIAN households shed wealth in the three months to December, as the value of properties and company shares fell.

The net worth of households dropped by 2.1 per cent in the quarter, according to figures released yesterday. That followed a 0.1 per cent fall in wealth in the previous quarter. Wealth per capita dropped by $10,198 to $404,320, after a $2264 dip the previous quarter.

The metric hasn’t fallen for two consecutive quarters since late 2011. The change was largely driven by falling property prices.