Australians became richer than ever in 2021 with household wealth increasing by 20% despite the Covid impacts.
Household net wealth rose to its highest ever level in 2021 mainly as a result of an improved stock market, growing property prices and lockdowns reducing household spending.
Plenty of records were broken in 2021. Employment- to-population ratios climbed to 63% – the highest since records began – while unemployment fell to 4.3% in November, the lowest rate since the peak of the mining boom in 2008. All indications are that unemployment figures will continue to tighten in 2022.
Farmers in some regions are having their best year on the land in decades with the total value of agricultural production set to hit $78 billion with wheat, cotton, wool and cattle prices all up.
The number of business registrations in Australia also grew by 30% while wages are on the way up as economic growth is expected to grow at a faster pace than it has in 25 years.