How will Aussies' household budgets, finance, and share portfolios perform in 2024?

The household budget has been stretched in 2023, and could worsen in 2024; the ABS reported the household savings ratio was just 1.1% in the September 2023 quarter, the worst since December 2007. We're also in a per-capita recession, and real household disposable incomes fell 5.1% in 2023 - the worst among OECD countries. Real household disposable income contracted 1.7% over the September quarter and is down 8.3% from the peak in the third quarter of 2021. Spending also took a weaker-than-expected turn in the fourth quarter of 2023 and is expected to continue in 2024. The tax take from the government has increased by nearly half in just two years; income taxes paid by Australian households increased from $65.1 billion in quarter-three of 2021, to $90.9 billion in quarter-three 2023. In 2024 this could dip further, and the savings ratio could even turn negative - the first time in about 20 years. Scheduled tax cuts coming mid-year could provide some relief and money into the pockets of households at the right time.

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