Household wealth 'has risen sharply'

Household wealth in Australia rose by 20 per cent between 2004 and 2010, new figures released by the Treasury have confirmed.

Many Aussies who are currently struggling to make ends meet may find it hard to believe, but people who live down under are in a far stronger financial position than their American peers.

The statistics also showed that median income levels in the US declined by 30 per cent during the same period.

Although the cost of living in places like Sydney has increased dramatically in recent years, Reserve Bank of Australia governor Glenn Stevens suggested last week that Aussie mortgage customers are coping well.

The new Treasury study appears to back up these claims and treasurer Wayne Swan believes the government has helped to boost the earning potential of Australian workers.

"Contributing to this was our stimulus response to the GFC, which protected hundreds of thousands of jobs, as well as our decent social safety net and government policies that spread opportunity," he remarked.

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