Here's a dumb news story

From the ABC:

A new study of wealth in Australia suggests that everyone is getting richer, thanks to superannuation, share values and higher housing prices.

The annual survey of household income and labour dynamics produced by the Melbourne Institute has found big changes in household wealth between 2002 and 2006.

The average net worth of an Australian household, or assets minus debts, is estimated to have jumped by more than 50 per cent in the four years to $608,000.

But the Melbourne Institute says it is not just the wealthy becoming wealthier.

It says the median or typical household saw its worth rise by more than $100,000 to $326,000.

Higher house prices have been the key, but superannuation, other property and share values also increased substantially over the period.

Wow, so the reason why every Aussie is richer is because assets like shares, superannuation and property have appreciated in value.

These are, of course, the exact same assets that have been tumbling in value in the last 6-9 months.

Nothing in the report about savings - which, of course, means money in the bank not over-valued assets.