The article examines how changes in housing and stock market wealth impact spending in Australia. By analyzing data from different Australian states, the researchers found that both housing and stock market wealth have a significant influence on consumption. They discovered that a permanent increase in stock market wealth leads to a 6 to 9 cent rise in annual spending, while a permanent increase in housing wealth results in a 3 cent increase. Despite housing assets being larger than stock market assets, a 1% increase in housing wealth has a similar impact on spending as a 1% increase in stock market wealth.