6523.0 - Household Income and Wealth, Australia, 2015-16 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 13/09/2017   
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KEY FINDINGS


Table 1 - HOUSEHOLD ECONOMIC WELLBEING INDICATORS(a), Australia, 2005-06 to 2015-16

Economic Indicator
Year
Change
2005-06(b)
2013-14
2015-16
2005-06 to 2015-16
2013-14 to 2015-16
Difference
%
Difference
%

Gini coefficient for equivalised disposable household income(c)(d)
0.314
0.333
0.323
(h)0.009
(h)2.9
(h)-0.010
(h)-3.0
Gini coefficient for gross household income(d)
0.425
0.446
0.434
(h)0.009
(h)2.1
(h)-0.012
(h)-2.7
Mean weekly equivalised disposable household income(c)
$843
$1,029
$1,009
$166
19.7
(h)-$20
(h)-1.9
Mean weekly gross household income
$1,713
$2,128
$2,109
$396
23.1
(h)-$19
(h)-0.9
Median weekly equivalised disposable household income(c)
$729
$870
$853
$124
17.0
(h)-$17
(h)-2.0
Median weekly gross household income
$1,346
$1,596
$1,616
$270
20.1
(h)$20
(h)1.3
Gini coefficient for household net worth(d)(e)
0.593
0.605
0.605
(h)0.012
(h)2.0
(h)0.0
(h)0.0
Mean household net worth(e)
$722,200
$835,300
$929,400
$207,200
28.7
$94,100
11.3
Median household net worth(e)
$436,000
$476,000
$527,000
$91,000
20.9
$51,000
10.7
Mean total financial assets(f)
$266,100
$334,100
$378,700
$112,600
42.3
(h)$44,600
13.3
Mean total non-financial assets(g)
$574,800
$650,700
$722,500
$147,700
25.7
$71,800
11.0
Mean total liabilities
$118,700
$149,500
$168,600
$49,900
42.0
$19,100
12.8
Proportions of households with debt
72.2%
71.7%
73.6%
1.4pts
. .
1.9pts
. .
Proportions of households with debt 3 or more times income
23.9%
26.0%
27.2%
3.3pts
. .
(h)1.2pts
. .

(a) In 2015–16 dollars, adjusted using changes in the Consumer Price Index
(b) Estimates presented for 2007–08 onwards are not directly comparable with estimates for previous cycles due to the improvements made to measuring income introduced in the 2007–08 cycle. Estimates for 2003–04 and 2005–06 have been recompiled to reflect the new measures of income, however not all components introduced in 2007–08 are available for earlier cycles
(c) Equivalised disposable household income estimates are adjusted by equivalence factors to standardise them for variations in household size and composition, while taking into account the economies of scale that arise from the sharing of dwellings
(d) The Gini coefficient is the internationally accepted summary measure of inequality. Gini coefficient values range between 0 and 1. Values closer to 0 represent higher equality and values closer to 1 represent higher inequality
(e) Household net worth is the value of all the assets owned by a household less the value of all its liabilities
(f) Includes, for example, accounts held with financial institutions (including offset accounts), ownership of an incorporated business, shares, debentures and bonds, trusts, superannuation funds, and loans to other persons
(g) Includes, for example, residential and non-residential property, household contents and vehicles
(h)The difference between periods is not statistically significant
. . not applicable

  • In 2015-16, the average equivalised disposable household income was $1,009 per week. This was not significantly different from the average in 2013-14 ($1,029 per week), but it was a significant increase from the $843 per week a decade ago in 2005.
  • The average net worth for all Australian households in 2015–16 was $929,400, up from $835,300 in 2013–14 and $722,200 in 2005-06. Rising property values are the main contributor to this increase. Total average property values have increased to $626,700 in 2015–16 from $548,500 in 2013–14 and $433,500 in 2005-06.
  • Three in four (74%) households were in debt in 2015–16, up from 72% in 2013–14 and 2005–06. Of these households, 27% were servicing a total debt that was three or more times their annualised disposable income. Similar levels of debt were reported in 2013–14 (26%) and 2005–06 (24%).


Graph 1 - WEEKLY HOUSEHOLD INCOME, Australia, 1994-95 to 2015-16(a)
Graph - Weekly household income in Australia from 1994-95 to 2015-16
Footnote(s): (a) Survey of Income and Housing data was collected in labelled years (b) Estimates presented for 2007–08 onwards are not directly comparable with estimates for previous cycles due to the improvements made to measuring income introduced in the 2007–08 cycle. Estimates for 2003–04 and 2005–06 have been recompiled to reflect the new measures of income, however not all components introduced in 2007–08 are available for earlier cycles (c) Equivalised disposable household income estimates are adjusted by equivalence factors to standardise them for variations in household size and composition, while taking into account the economies of scale that arise from the sharing of dwellings
Source(s): ABS Survey of Income and Housing, various years


Graph 2 - HOUSEHOLD NET WORTH, Australia, 2003-04 to 2015-16(a)
Graph - Household net worth in Australia from 2003-04 to 2015-16
Footnote(s): (a) In 2015–16 dollars (b) Comprehensive wealth data was not collected in 2007–08
Source(s): ABS Survey of Income and Housing, various years