4102.0 - Australian Social Trends, 2014
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 06/05/2014 Final
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Growth in household debt has slowed since the GFCThe amount of household debt per person is higher than at any time in the last 25 years. However debt needs to be considered within the context of numerous economic factors, according to the latest Australian Social Trends (AST) report released by the Australian Bureau of Statistics (ABS).
ABS Director of Social and Progress Reporting, Mr David Skutenko, said the level of household debt at the end of 2013 was $1.8 trillion, equivalent to $79,000 per person."
The relative size of household debt can be considered against the value of household assets and household income.
"Household debt has increased nearly twice as fast as the value of household assets over the last 25 years.
"However, the rate of increase in household debt per person in Australia has slowed since the Global Financial Crisis, from an average 10 per cent per year between 2001 and 2007, to two per cent per year between 2007 and 2013."
Another aspect of household debt is the amount of interest which is paid on that debt.
"Although the amount paid by households in interest compared with household income is higher than at most other times in the last 50 years, it was lower than its highest point in 2008," said Mr Skutenko.
Further details are available online in Australian Social Trends at www.abs.gov.au/socialtrends
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