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You may remember that at first it seemed that COVID-19 was going to cause massive wealth destruction. The stock market fell and some warned of a potential fall in house prices by a third. Average household wealth did fall 3 percent in the March 2020 quarter when COVID-19 first hit, but this was only a decline, and asset prices quickly rebounded as the central bank cut interest rates to near zero and the government pumped in massive amounts of stimulus. . In general, the fact remains that wealth is still very unequal in the country, despite a slight decline in wealth inequality during the pandemic years. The report shows that despite a stagnation in early 2020, median household wealth then jumped 12 percent through December 2020, and 26 percent through December 2021. There’s no prize for guessing the biggest cause of this spike: housing, which drove 69 percent of the overall increase in wealth over the past three years. Most came from owner-occupied housing, which accounted for 55 per

Ally Malpass thinks travel insurance is too expensive for a trip to Tasmania, but a flight cancellation leaves her stranded in Hobart. Photo: Oscar Colman Flight cancellations, lost baggage, COVID-19, and a host of other travel disruptions are causing travel insurance claims to skyrocket, sending insurance premiums and costs overboard. Australian travelers on the older and younger ends of the spectrum bear the brunt of this financial constraint. Older Australians are now finding it difficult – or very expensive – to buy insurance, with already high premiums boosted. And although preliminary data revealed younger Australians showed greater intention to buy travel insurance than before, factors such as rising inflation and more expensive policies proved to be a major deterrent. For Vanessa Fielden, 55, who divides her time between Melbourne and Bali, finding insurance that includes unlimited medical and repatriation coverage is non-negotiable. “My policy includes being flown