SYDNEY (Reuters) – Australians are finding a silver lining to lockdowns as super-cheap credit lifts the value of homes and shares to record highs, a windfall of wealth that gives consumers the means to spend big once restrictions ease.

Figures from the Australian Bureau of Statistics out on Thursday showed net household wealth surged A$735 billion ($531.48 billion) in the June quarter to A$13.3 trillion, or A$522,032 for every man, woman and child.

” Ryan Felsman from CommSec, a senior economist said that households are now wealthier than ever before. Wage growth has slowed, but assets’ value is rising, thanks to record low interest rates, and pandemic stimulus from the government.

CBA economists have estimated that A$230 trillion has been saved by households during lockdown. This gives them the liquidity they need to invest in their assets.

With real estate being the most valuable asset, housing prices have soared by A$576 Billion during the June quarter. This is due to low mortgage rates and shifts from working at home.

The trend was fueled by Coronavirus lockdowns that occurred in Sydney and Melbourne in July and august. House prices have risen strongly in the two cities.

The quarter saw equity markets gain by A$130 billion, bringing the total share and pension holdings to A$4.7 trillion. In addition, A$1.3 trillion was added in bank deposits and cash in households.

This helped to offset an A$47 billion rise in debt to A$2.5 Trillion. Although household balances looked healthy, policymakers are worried that the rate at which debt grows is faster than incomes. This could lead to an increase in debt of A$47 billion to A$2.5 trillion.

This week, the Reserve Bank of Australia (RBA), warned that debt accumulation could threaten financial stability. It may be necessary to tighten lending regulations.

($1 = 1.3829 Australian dollars)