That places Australia fifth on the list of most indebted households around the world. Take a look at the table below for the top 35 most indebted households.
As of 2022, Australians remain in the unenviable position of having the highest percentage of net household debt compared to other countries with similar economies. According to available data from the OECD, the average Australian household debt-to-income ratio comes in at $187 for every $100 of after-tax income.
Australia household debt accounted for 117.8 % of the country's Nominal GDP in Dec 2022, compared with the ratio of 119.8 % in the previous quarter. Australia household debt to GDP ratio is updated quarterly, available from Jun 1988 to Dec 2022.
Average household debt grew by 7.3 per cent to $261,492 in 2021-22, according to the latest figures from the Australian Bureau of Statistics (ABS).
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 ...
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 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.
Family financial stress
In the Families in Australia Survey, in May-June 2021, more than one in five respondents (21%) reported that in the previous six months, because of a shortage of money, they or someone in their household had asked for financial help from friends or family.
Over the pandemic, Australian Government gross debt increased from $534.4 billion in March 2019 to $885.5 billion in April 2022 and is now at the highest level relative to GDP (gross domestic product) since the 1950s when debt accrued during the Second World War was still on the Australian Government balance sheet (p.
On the other end of the spectrum, Brunei has the lowest debt to GDP ratio at 1.90%, followed by the Cayman Islands at 4.50%, Kuwait at 7.10%, and Afghanistan at 7.40%.
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.
The composition of foreign debt by country shows that the most important creditor countries for Australia in terms of total debt are Japan, the United States and the United Kingdom, representing 18, 16 and 9 per cent respectively of gross foreign debt in 1995-96.
Australia External Debt reached 1,851.3 USD bn in Mar 2023, compared with 1,934.1 USD bn in the previous quarter. Australia External Debt: USD mn data is updated quarterly, available from Sep 1988 to Mar 2023. The data reached an all-time high of 1,991.1 USD bn in Dec 2020 and a record low of 115.3 USD bn in Sep 1988.
So how big is the national debt? At the end of June, the total size of Australia's national debt was $895 billion. That's about $100 billion short a trillion dollars. But many economists argue the total, or gross debt figure is not the best debt figure to look at.
Key statistics
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.
Financial pressure on households has never been higher, and more of us are spending beyond our means than ever before, according to a long-running survey. The Australian Council of Social Service (ACOSS) has its own measure, which says a single adult earning about $489 a week is living in poverty.
Poverty rates were highest in non-urban areas in the smallest States and Territories, including 17.7% outside the capital in Tasmania, 17.4% outside the capital in South Australia, and 15.8% in the Northern Territory.
More Coverage. The eye-watering wealth on display in the report is a stark difference to most Australians' perception of what it takes to be considered rich. The Finder survey which asked 1000 people what it took to be rich and found that earning $336,516 per year was the magic number.
You should generally strive for a pay that is at least average. Alternatively stated, a decent wage in Australia is anything between $90,000 and $108,000 per year, or $7,500 and $9,000 per month. A decent benchmark for how much you should be making is the median salary, which is $72,000 annually.
The average annual salary in Australia is $68,900 and $35.30 per hour. It is just the average salary for basic workers but skilled and experienced workers also earn around $108,980 annually. The average salary also varies depending on the field of work and the job role of workers.
On a mean wealth basis, Australia was the fourth-richest country in 2021 behind Switzerland, the US and Hong Kong. The average Australian adult was worth $US550,110 at the end of last year, after enjoying a $US66,350 annual increase in wealth.
When measured by average wealth, Australia is fourth behind Switzerland, the United States and Hong Kong, reflecting that wealth is more evenly distributed in Australia than in those countries. Australia had about 2.2 million millionaires (calculated in US dollars) in 2021, up from 1.8 million millionaires in 2020.