Report

Household wealth and wealth distribution, Australia, 2005-06

28 Nov 2007
Description

The average wealth of an Australian household in 2005-06 was $563,000, up 14% from 2003-04, according to figures from the ABS. The average value of household assets in 2005-06 was $655,000, and the average household liability $92,000, resulting in an average household net worth of $563,000. The average wealth of an Australian household in 2005-06 was $563,000, up 14% from 2003-04, according to figures from the ABS. The average value of household assets in 2005-06 was $655,000, and the average household liability $92,000, resulting in an average household net worth of $563,000.

Main findings

* Owner-occupied homes were the main asset held by Australians; mortgages on them were the main liability.
* Most Australian households (69%) owned their own home either outright or with a mortgage. The average value of these homes was $412,500.
* For households with a mortgage on their home, the average value of the home was $417,000, and the average mortgage outstanding was $142,000, giving a net home equity of $275,000.
* Nearly 1 in 5 (20%) of all households owned property other than their own home, including holiday homes and rental property.
* Superannuation was the main financial asset held by households, with most (76%) households having some superannuation assets.
* For households with superannuation, the average value of their superannuation was $111,000, but for half (50%) of these, the value was less than $44,000.

This publication presents results from the Survey of Income and Housing (SIH) on estimates of household net worth, or wealth. It includes summary measures of the distribution of household net worth in Australia. Classifications used to describe households include net worth quintile, income quintile, principal source of household income, family composition, tenure type and geographic location. For each category of household, estimates of the various assets and liabilities comprising net worth are provided along with estimates of household income, household size and other characteristics.

Publication Details
Published year only: 
2007
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