6554.0 - Household Wealth and Wealth Distribution, Australia, 2003-04
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 27/04/2006
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New survey finds average Australian household worth $468,000
The mean (average) wealth of an Australian household in 2003-2004 was $468,000 according to a new publication released by the ABS today. Wealth is a net concept and measures the extent to which the value of households' assets exceed the value of their liabilities. The mean value of household assets in 2003-04 was $537,000 and the corresponding value of average household liabilities was $69,000.
The median net worth (i.e. the mid-point when all households are ranked in ascending order of net worth) of all households in Australia in 2003-04 was $295,000, substantially lower than the mean.
The survey found a relatively small proportion of households had relatively high net worth, and a large number of households had relatively lower net worth, in part reflecting the common pattern of people accumulating wealth throughout their working life.
Main findings in today's release are:
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