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Australians richer than ever

Oct. 18, 2006 at 5:14 AM

CANBERRA, Australia, Oct. 18 (UPI) -- Official figures put private wealth in Australia at a record high of more than $5 trillion.

The Australian Bureau of Statistics and the Federal Treasury say the average Australian is $8,300 richer compared to three months ago.

Craig James, chief economist for the financial firm CommSec, told the Australian Broadcasting Corporation the record wealth could be attributed to Australia's economic expansion.

"The simple fact is prices have continued to rise, house prices have continued to rise across Australia and that has led to higher wealth levels," he said.

All figures in U.S. dollars.

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