Debt and gross disposable income Average household debt was $261,492 in 2021-22, while average household gross disposable income grew 3.7 per cent to $139,064. When compared to the average of all households, the highest income quintile held 1.98 times the debt, and 2.07 times the gross disposable income.
According to the study, the average Australian currently has, excluding home loans, $20,238 of personal debt. So this includes all the money owing through instruments like credit cards, personal loans and retail instalment plans.
Household Income and Wealth, Australia
Average net worth for all Australian households in 2019–20 was $1.04 million. Total average liabilities for households saw a statistically significant increase from $189,500 in 2017–18 to $203,800 in 2019–20. Three in four (75%) households had debt in 2019–20.
Each household should spend no more than 36% of their income on debt overall. This includes housing, car loans, credit cards, etc. For example, if you take home $4,000 a month, you should not be spending over $1,120 on housing expenses and $320 total on other debts each month.
A household should spend a maximum of 28% of its gross monthly income on total housing expenses according to this rule, and no more than 36% on total debt service. This includes housing and other debt such as car loans and credit cards. Lenders often use this rule to assess whether to extend credit to borrowers.
The latest lending indicators from the Australian Bureau of Statistics (ABS) show that the average mortgage size (for owner-occupier dwellings) was $585k in May 2022.
Average Australian Salaries in 2023
A taxable income that was $131,501 or higher was within the top 10% of earners in Australia last year. About 5% of taxpayers had incomes above $180,000.
How much is the average Aussie worth? Well, according to the Australian Bureau of Statistics (ABS) the average net worth of an Australian household is $1,021,900.
The average salary in Australia: Statistics and trends
The average yearly salary in Australia is 90,800 AUD (USD 60,355). Let's go through a few key indicators of the average earnings in Australia so you can fully understand salary statistics and trends in the country.
Black adults are 1.5 times more likely than white adults to have student loan debt. The following graph includes federal and private student loan debt among all adults. On average, Black, non-Hispanic adults in the U.S. also hold higher student loan debt balances than borrowers of other races.
American households carry a total of $17 trillion in debt as of the first quarter of 2023, and the average household debt is $101,915 as of the end of 2022. How is that debt split between mortgages, auto loans, credit cards, and other types of loans?
The IMF data shows that Australia has the lowest level of gross debt, after Chile, when compared with other member states in the Organisation of Economic Development and Co-operation (OECD). In terms of net debt, only Chile, Denmark, New Zealand, Norway and Sweden have lower levels.
The coefficients on income per capita, the real interest rate, inflation and financial liberalisation are all significant and of the expected sign: higher real incomes and lower real interest rates or inflation are all associated with increased indebtedness of households, as is the deregulation of the financial sector ...
Percent of people aged 15+ who have a credit card
For that indicator, we provide data for Australia from 2011 to 2021. The average value for Australia during that period was 58.47 percent with a minimum of 51.41 percent in 2021 and a maximum of 64.23 percent in 2011. The latest value from 2021 is 51.41 percent.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
Average savings in Australia
According to data from NAB, the average Australian had around $34,000 tucked away in a savings account as of late 2022. The bank surveyed more than 2,000 Australians to make its findings.
The Australian middle class has a median household income of AUD$80,000. This statistic is a key indicator of the financial health of the Australian middle class.
The average Australian would need to earn over $300,000 a year to consider themselves as officially "rich", new research has found.
Just 3.8 per cent of taxpayers had a taxable income that high in 2019-20. And only 25 per cent had a taxable income higher than $80,000 a year. So a taxpayer with an annual income of $80,000 is in the top quarter of Australian taxpayers.
If you make $300,000 a year living in Australia, you will be taxed $111,667. That means that your net pay will be $188,333 per year, or $15,694 per month.
Assuming that the average mortgage age in Australia starts somewhere between 25 and 34 years, then to work out the average age to pay off a mortgage in Australia, you just need to add a 25 to a 30-year term. This would make the average age to pay off a mortgage in Australia between 50 and 64 years.
A study of Sydney's housing market has revealed that 20 per cent of homeowners across the city are currently facing mortgage debt of over $1 million. According to findings by Digital Finance Analytics (DFA), over 20,000 homeowners have mortgages in the millions, a figure higher than anywhere else in Australia.
More than a third (35%) of Australia's 9.8 million fleet of homes are owned with a mortgage, while just under a third (31%) are owned outright, a 2021 census has revealed.