GLOBAL gloom in sharemarkets is masking the fact that Australian households are in their strongest financial shape in years.
Fresh economic data shows a growing list of positive factors benefiting Australians, even though their superannuation and share portfolios have taken a nasty hit. 
Households' assets are growing faster than their debts and the cost of servicing home loans is the lowest in 12 years, according to Reserve Bank statistics.
Fuel price data shows motorists are saving almost $20 a month through low oil prices, the unemployment rate is falling, and wealth sits at a record $356,000 per person.
CommSec chief economist Craig James said there was a disconnect between the sharemarket and Australia's economy.
"The fundamentals for the average consumer are generally pretty good," he said. It's a different story for shares, which have slumped 8 per cent this month and are 17 per cent below where they were in   April last year.
"The sharemarket is weakening because of global effects, not local effects," Mr James said.
About one-third of Australians own shares directly, but most have some in their superannuation funds, which Mr James said might cause concerns among people nearing retirement.
HSBC Australia and New Zealand chief economist Paul Bloxham said the key positive for households was that jobs growth was increasing.
"One of the main things that drives the financial strength of households is whether they are able to get jobs. The improving labour market is reducing consumers' concerns about unemployment," he said.
While share price plunges of resources giants such as BHP Billiton and Santos have dominated headlines, Mr Bloxham said resources only represented 10 per cent of Australia's economy and just 2 per cent of the nation's jobs.
"Over 80 per cent of jobs are in the services sector," he said, and this area was benefiting from a lower Australian dollar and more confident consumers."A key factor has been Asian demand, particularly Chinese demand for tourism and education."