Despite all the disruption caused by the pandemic lockdowns, Australia’s net wealth has recovered quickly from the 2020 slide to reach record levels.

Thanks to booming house prices, a rising sharemarket and recovery in the labour market, Australia’s net wealth has risen faster and by a larger amount than it did in the three years to the start of the pandemic in early 2020.

The combination of a major rise in house prices and the rebound in the value of the ASX in the year to March has seen total household wealth reach an all-time high of $12.66 trillion.

The March Quarter’s National Financial Accounts underlined the strength of the recovery from the slump in the March Quarter of 2020 when net wealth fell 1.8% to $10.99 trillion.

The past year has seen an unprecedented surge of $1.77 trillion, or around 17%. The three months to March saw net wealth rise 4.3% or $518 billion which in turn saw net wealth per head rise to a record high of $492,055.