New Treasury data shows average household wealth jumped by greater than 20 per cent between 2004 and 2010.

Treasurer Wayne Swan has linked the rise to the government’s stimulus in keeping with the worldwide financial crisis.

In comparison, median household wealth within the U . s . declined by greater than 30 per cent inside the same period.

“Contributing to this was our stimulus response to the GFC, which protected tens of millions of jobs, in addition our decent social safety net and government policies that spread opportunity,” Mr Swan wrote in his economic note released Sunday.

Mr Swan said Australia, like several countries, had not been immune from the impact of worldwide turbulence in recent years.

“This was clear within the Budget papers in May, which showed $150 billion wiped from government revenues because the onset of the worldwide financial crisis,” he said.

“Australians have also seen the impact on their household wealth.

“Here is obvious not just inside the performance of people’s superannuation accounts lately, however the more cautious attitudes towards debt that experience contributed to the softness in house prices.”

Opposition finance spokesman Andrew Robb attacked the govt. for taking essentially the most optimistic forecasts available to develop its budget.

“The budget was predicated on everything going well all over the world,” Mr Robb told Network Ten on Sunday.

“The truth is even the budget papers indicated that for each four per cent change within the terms of trade you might be talking a couple of $7 billion increase within the budget deficit.”

Our terms of trade were 50 per cent higher than average compared with the 1980s and 1990s and commodity prices were coming off way over anticipated, Mr Robb said.

He pointed to BHP Billiton considering shelving its Olympic Dam expansion and Royal Dutch Shell throwing $17 billion worth of LNG projects into doubt.

“Half the pipeline that Mr Swan brags about has not reached Final Investment Decision and doubtless won’t,” he said.