HOUSEHOLD INCOME AND WEALTH LEVELS


In 2013–14, the mean equivalised income per week was $998 per week, this increased from 2011–12 ($964 per week). As shown in Graph 1, household income increased from 1995–96 to 2007–08. A decline in household income followed the Global Financial Crisis (GFC), household income has since recovered and increased to a level higher than 2007–08.



In 2013–14, for 61% of households, the main source of income was employee income, while a further 25% received their main source of income from government pensions and allowances. This is similar to 2011–12.

As shown in Graph 2, in real terms, the value of mean household wealth (net worth) in 2013–14 was $809,900 which was relatively stable to the value in 2011–12 ($764,500). However, it was higher than in 2003–04 ($614,500). Wealth is a net concept and measures the extent to which the value of a household’s assets exceeds the value of its liabilities. In 2013–14, the mean value of household assets was $954,800. The corresponding mean value of household liabilities was $144,900.



As shown in Graph 3, owner occupied dwellings were the largest asset held by households, representing a value of $399,300 when averaged across all households and accounts for 42% of household assets. Superannuation funds were the second largest asset and largest financial asset held by households, averaging $159,900 per household across all households and accounting for 17% of household assets. One in five households (19%) owned property other than the dwelling in which they lived, including residential and non-residential property for rent, and holiday homes. The value of other property averaged $132,500 across all households which accounted for 14% of total assets.



Loans to purchase owner occupied dwellings were the largest value across all household liability. They averaged $228,000 for owner occupied households with a mortgage. The difference between the value of the home and the remaining value of the loan results in an average equity in their homes of $366,400. As shown in Graph 4, for all households, the average loan for owner occupied dwellings was $81,600, while loans outstanding for other property averaged $47,900. For all households, the average study loan debt was $3,100 and the average credit card debt was $2,700.