The average wealth of an Australian household has increased by 14 per cent and most Australians own homes.
The household wealth in 2005-06 was $563,000, up 14 per cent from 2003-04, according to figures released by the Australian Bureau of Statistics (ABS) in November 2007.
The average value of household assets in 2005-06 was $655,000, and the average household liability $92,000, resulting in an average household net worth of $563,000.
Household Wealth and Wealth Distribution findings
- Owner-occupied homes were the main asset held by Australians; mortgages on them were the main liability.
- Most Australian households (69 per cent) owned their own home either outright or with a mortgage. The average value of these homes was $412,500.
- For households with a mortgage on their home, the average value of the home was $417,000, and the average mortgage outstanding was $142,000, giving a net home equity of $275,000.
- Nearly 1 in 5 (20 per cent) of all households owned property other than their own home, including holiday homes and rental property.
- Superannuation was the main financial asset held by households, with most (76 per cent) households having some superannuation assets.
Where do the big earners live
Employees in mining and inner metropolitan areas generally had the highest average wage and salary incomes in Australia.
Employees living in the mining areas of Queensland (Broadsound, Belyando and Peak Downs), South Australia (Roxby Downs) and the Northern Territory (Groote Eylandt, Nhulunbuy and Jabiru) had the highest average wage and salary incomes of their respective state/territory.
However the top ten areas with the highest average incomes from wages and salaries were in metropolitan areas of New South Wales, Victoria and Western Australia, with Mosman (NSW) the highest ($88,658). The bulk of high earners in these areas were professionals.
The figures are based on 2003-04 statistics released by the Australian Bureau of Statistics (ABS).
Other findings were
- Wage and salary earners in the areas of Mosman, Woollahra and Hunter's Hill in New South Wales had the highest average wage and salary incomes in Australia at $88,658, $70,765 and $68,818 respectively.
- Across Australia, the average wage and salary income was $38,820.
- Employees in the Australian Capital Territory had the highest average wage and salary income at $44,664, followed by New South Wales ($41,407) and the Northern Territory ($40,027).
- Wage and salary earners in Mosman and Woollahra also had the highest income from sources other than wages and salaries (eg superannuation and annuities, unincorporated business income, investments).
The average total income across Australia was $2,027 higher than the average wage and salary income.