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HOUSEHOLD ECONOMIC RESOURCES

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GROSS AND EQUIVALISED HOUSEHOLD INCOME

In recent times, Tasmanian households have recorded healthy growth in household income. In 2005-06, the median weekly gross household income in Tasmania was $850. This was an increase of 18.1% on the 2003-04 estimate of $720 and 38.9% on the 2000-01 estimate of $612.

In 2005-06, the Tasmanian median weekly equivalised disposable household income (household income adjusted to facilitate comparison between different sized households) was $486. This was a 15.7% increase on the 2003-04 estimate of $420 and a 38.9% increase on the 2000-01 estimate of $350.


PRINCIPAL SOURCE OF HOUSEHOLD INCOME

In 2005-06, wages and salaries were the main source of household income in Tasmania for 52.8% of households. This was followed by government pensions and allowances, which was the main source of income for 31.5% of households, and unincorporated business income (6.5%). Government pensions and allowances recorded a decline as the main source of household income, from 36.6% of households in 2003-04 to 31.5% in 2005-06.HOME OWNERSHIP

On Census night 2006, 36.8% of all occupied private dwellings in Tasmania were fully owned by the occupants. The local government areas (LGAs) with the highest percentage of home ownership were Tasman (52.1%) followed by Break O'Day (49.6%) and Glamorgan/Spring Bay (48.8%). Brighton was the LGA with the lowest percentage of home ownership (20.8%) followed by Hobart (32.0%) and Launceston (32.1%).HOUSING RENT PAID

On Census night 2006, the median weekly rent paid for occupied private dwellings in Tasmania was $135. The most expensive LGAs in which to rent were Hobart and Kingborough, each with a median weekly rent of $180 followed by West Tamar, Clarence and Sorell with a median weekly rent of $150. At the same time, Central Highlands LGA was the cheapest place to rent with a median weekly rent of $50, followed by Flinders ($71) and Southern Midlands ($88).HOUSEHOLD HOUSING LOAN REPAYMENT

On Census night 2006, the median monthly home loan repayment for occupied private dwellings in Tasmania was $867. Hobart residents had the highest median monthly home loan repayment ($1,138), followed by Kingborough residents ($1,040) and Clarence residents ($975). West Coast residents had the lowest median monthly home loan repayment ($500), followed by King Island residents ($609), and Break O'Day, Central Highlands and Tasman residents (all with $650).HOUSEHOLD EXPENDITURE

In 2003-04, food and non-alcoholic beverages accounted for the largest expenditure by Tasmanian households on goods and services, contributing 17.8% of total household expenditure. (Expenditure on these items has declined from 19.3% in 1993-94 and from 18.3% in 1998-99.)

Transport was the second biggest expenditure item in 2003-04, contributing 16.9% of total household expenditure. (Expenditure on this item has increased from 14.9% in 1993-94 and from 16.0% in 1998-99.)

In 2003-04, housing costs contributed 13.0% of total household expenditure. (Expenditure on this item has increased from 11.4% in 1993-94 and from 11.9% in 1998-99.)


HOUSEHOLD EXPENDITURE ON GOODS AND SERVICES, Percentage of total, Tasmania

HOUSEHOLD ASSETS AND LIABILITIES

In 2005-06, average (mean) household net worth in Tasmania was $406,600 compared to $324,900 in 2003-04. Average household assets in 2005-06 were $458,500 comprising of $109,200 in financial assets and $349,200 in non-financial assets. On the other side of the ledger, average Tasmanian household liabilities in 2005-06 were $51,800 of which property loans contributed $44,900.




RETIREMENT AND SUPERANNUATION

Superannuation is an investment designed to assist people to save for their retirement. In 2007, from 206,200 employed persons in Tasmania with superannuation in the accumulation phase, there were 153,000 or 74.2% who were not making a personal superannuation contribution. Of the total male employed persons, 27.9% were making a personal contribution in the accumulation phase compared to 23.4% of female employees making a personal contribution.

Persons in the age group 55-64 were the group contributing most to their superannuation funds with 37.5% of this group contributing in the accumulation phase. The 45-54 years age group was the second biggest contributing group with 36.3%, and 65 and over with 35.7%.




SOURCES

2006 Census of Population and Housing (ABS Community Profiles)

Employment Arrangements, Retirement and Superannuation; State Tables, Apr to Jul 2007 (ABS cat. no. 6361.0.55.003)

Government Benefits, Taxes and Household Income, Australia (ABS cat. no. 6537.0)

Household Income and Income Distribution, Australia (ABS cat. no. 6523.0)

Household Expenditure Survey, Australia (ABS cat. no. 6530.0)

Household Wealth and Wealth Distribution (ABS cat. no. 6554.0)

Housing Occupancy and Costs, Australia, Detailed Tables (ABS cat. no. 4130.0.55.001)


Further information can also be found on the Personal, Family and Household Finances Theme Page of the ABS website.