Many changes have occurred in Australia since the establishment of the Australian Institute of Family Studies in 1980. This snapshot report outlines some of the significant changes in household incomes, household wealth and also the amount of household debt over the last forty years.
- With higher rates of labour force participation among women, household incomes have increased substantially.
- While the gender pay gap has narrowed over time; on average, men still earn significantly more than women do and the gender gap in superannuation savings is substantial.
- With increases in property values and more Australians investing in property, our levels of debt have increased. For most Australian households, the majority of debt is made up of loans for owner-occupied dwellings and investment properties.
- With increased rates of unemployment and under-employment as a result of the COVID-19 pandemic, many households have experienced a substantial reduction in income in 2020. Reductions in the values of property and superannuation as a result of COVID-19 are also likely to have a long-lasting impact on the financial wellbeing of many Australians, potentially affecting their economic security in retirement.