It also lends support to the argument that the nation has one of the world's most-targeted welfare transfer systems.

Younger households affect gains

The Reserve Bank's researchers suggested the gains in wealth for the poorest households was also because younger households were enjoying a greater share of the nation's increased fortunes.

"This partly reflects the fact that low-wealth households are generally young and are just starting to build wealth," they said.

A large slice of the rise in total household national wealth over the four years was due to growth in the value of so-called non-housing assets, primarily superannuation, shares and cash deposits, they said.

That's a change from the previous four years to 2010, when most of the growth in wealth was because of rising home values.

NSW and Victorian households benefited more than their counterparts in Queensland and Western Australia, where wealth levels have dropped mainly on falling property prices.

The Reserve Bank's research found that almost 50 per cent of the nation's debt is held by the top 20 per cent of households by income, with almost one in three families – mostly retirees – carrying no debt.


Competition curbs inflation

The bulletin included research that helps explain why the lower Australian dollar hasn't translated into a surge in retail inflation.

According to work by the central bank's economists, consumer prices have actually weakened because of increased competition between retailers and a greater focus on cost cutting.

"Intensification in retail competition, in part driven by foreign entrants, has compressed gross margins, and firms have sought cost reductions, including through labour productivity gains, to maintain profitability," they wrote.

"These persistent developments appear to have gone some way to offsetting the rising cost of goods sold due to the exchange rate depreciation in recent years."