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The Nation's Private Wealth ‐Some New Calculations for Australia

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  • JOHN PIGGOTT

Abstract

This paper has two related purposes. The first is to bring together and review a number of earlier studies which have attempted to estimate the value of Australia's privately held wealth stock. The second is to present new estimates covering the 1980s. based partly on these earlier studies, which value all major components of the nation's private wealth at their market value, or a close approximation. The calculations reported here represent the first aggregate Australian wealth series for which comprehensive market valuation can be claimed. Australia's aggregate non‐human private wealth was found to be $794 billion at 30 June 1985. The series as a whole suggests that previous estimates have significantly under‐valued Australia's wealth. At 30 June 1981 the Helliwell‐Boxall (1978) study. updated by the Reserve Bank, reported a value of $294.7 billion, while Williams (1983) gave a value of $360.5 billion. The corresponding estimate for the new series is $532.5 billion. Because the new calculations presented here value wealth by component. it is possible to identify omissions and valuation differences which account for most of the variation between these estimates.

Suggested Citation

  • John Piggott, 1987. "The Nation's Private Wealth ‐Some New Calculations for Australia," The Economic Record, The Economic Society of Australia, vol. 63(1), pages 61-79, March.
    • Handle: RePEc:bla:ecorec:v:63:y:1987:i:1:p:61-79
    DOI: 10.1111/j.1475-4932.1987.tb00637.x
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    References listed on IDEAS

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    1. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    2. John Helliwell & Peter Boxall, 1978. "Private Sector Wealth: Quarterly Estimates for use in an Aggregate Model," The Economic Record, The Economic Society of Australia, vol. 54(1), pages 45-64, April.
    3. John Piggott, 1984. "The Distribution of Wealth in Australia — A Survey," The Economic Record, The Economic Society of Australia, vol. 60(3), pages 252-265, September.
    4. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
    5. Ross A. Williams, 1983. "Ownership of Dwellings and Personal Wealth in Australia," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 16(2), pages 55-62, August.
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    Cited by:

    1. Tim Callen, 1991. "Estimates of Private Sector Wealth," RBA Research Discussion Papers rdp9109, Reserve Bank of Australia.
    2. Australian Treasury, 1998. "The Business Cycle — Developments in the Economy’s Response to Disturbances," Economic Roundup, The Treasury, Australian Government, issue 1, pages 45-67, February.
    3. Rober Ackland, 1991. "Inflation and the Impact of Budgets," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 24(3), pages 28-37, July.
    4. Pamela Katic & Andrew Leigh, 2016. "Top Wealth Shares in Australia 1915–2012," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 62(2), pages 209-222, June.

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