5204.0.55.011 - Australian National Accounts: Distribution of Household Income, Consumption and Wealth, 2003-04 to 2017-18  
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CHAPTER 3 - TIME SERIES ANALYSIS

This chapter provides analysis of the time series (2003-04 to 2017-18) of the Australian System of National Accounts (ASNA) distributional household income, consumption and wealth data.

The analysis presented aims to provide the users with a flavour of the types of analysis that is possible with the time series dataset, it is not meant to be an exhaustive analysis of the ASNA distributional household dataset.

The analysis is broken into the five broad categories of income; redistribution measures by government and non-profit institutions serving households; consumption; gross saving; and wealth. For each category, the five household groups (equivalised household income and net worth quintiles; main source of income, household composition; and age of household reference person) are analysed in terms of (i) growth of income (consumption, gross saving and net worth) and (ii) material living standards. Specifically, the analysis will focus on:

  • the growth over time in aggregate (and components) of household gross disposable income, final consumption expenditure, gross saving and net worth (electronic table 9);
  • contribution of household groups to growth over time in aggregate (and components) of household gross disposable income, final consumption expenditure and net worth. This provides an indication of which household groups are driving the growth in income, consumption, gross saving and wealth (electronic table 9);
  • growth over time of household gross disposable income, final consumption expenditure and net worth (and their components) per household (electronic table 10). The contribution of the components (of income, consumption and net worth) to the growth over time of household gross disposable income, final consumption expenditure, actual individual consumption and net worth per household, by household groups (electronic table 5, 6, 7 and 8). Together, the analysis in these tables provides an indication of the improvement or otherwise of material living standards of household groups over time; and
  • the impact on household groups over time of the redistribution measures by government and non-profit institutions serving households on gross disposable income per household. This analysis provides an indication of the improvement or otherwise of material living standards of household groups over time (electronic table 11).

Users need to take note when analysing the graphs and tables that the movements in dollars and/or percentage terms represents a biennial change up to 2017-18 for all distributed estimates. This mainly reflects the availability of the micro source data from ABS Survey of Income and Housing (SIH).


INCOME

Electronic table 9 shows from 2003-04 to 2017-18 ASNA household gross disposable income (GDI) grew 116.2%. The increase was driven by an increase of gross operating surplus (GOS) - dwellings owned by persons (137.1% growth); compensation of employees (109.7% growth); property income receivables (151.2% growth); and social assistance benefits (81.7% growth); these were offset by interest payable (85.0% growth) and income tax payable (105.7% growth).

(I) Equivalised income quintiles

(a) Contribution of income quintiles to income growth

GRAPH 3.1A: PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY EQUIVALISED HOUSEHOLD INCOME QUINTILE, 2003-04 onwards
GRAPH 3.1A shows PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY EQUIVALISED HOUSEHOLD INCOME QUINTILE, 2003-04 onwards


GRAPH 3.1B: PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY EQUIVALISED HOUSEHOLD INCOME QUINTILE, 2003-04 to 2017-18
GRAPH 3.1B shows PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY EQUIVALISED HOUSEHOLD INCOME QUINTILE, 2003-04 to 2017-18


Graph 3.1, shows that households in the highest income quintile showed the largest increase (49.7%) of the 116.2% growth in gross disposable income (GDI) from 2003-04 to 2017-18. The contribution of the highest quintile is particularly evident in the increase from 2005-06 to 2007-08, period just before the Global Financial Crisis (GFC), where households in the highest income quintile increased 9.0%, almost half of the total 20.2% increase in GDI and over twice the contribution of the nearest groups, the third (3.3%) and fourth income quintile (4.0%).

Electronic table 9 shows that the highest quintile was mainly responsible for the income receivable and payable components (GOS - dwellings owned by persons, compensation of employees (COE), property income receivables, interest payable and income tax payable) that increased GDI by 116.2% between 2003-04 and 2017-18. Whereas, the lowest and second quintiles were responsible for the contribution of social assistance benefits to the increase in GDI.

(b) Household material living standards - per household by income quintile

GRAPH 3.2A: PERCENTAGE GROWTH PER HOUSEHOLD, GROSS DISPOSABLE INCOME BY EQUIVALISED HOUSEHOLD INCOME QUINTILE, 2003-04 onwards
GRAPH 3.2A shows PERCENTAGE GROWTH PER HOUSEHOLD, GROSS DISPOSABLE INCOME BY EQUIVALISED HOUSEHOLD INCOME QUINTILE, 2003-04 onwards

GRAPH 3.2B: PERCENTAGE GROWTH, PER HOUSEHOLD, GROSS DISPOSABLE INCOME BY EQUIVALISED HOUSEHOLD INCOME QUINTILE, 2003-04 to 2017-18
GRAPH 3.2B shows PERCENTAGE GROWTH, PER HOUSEHOLD, GROSS DISPOSABLE INCOME BY EQUIVALISED HOUSEHOLD INCOME QUINTILE, 2003-04 to 2017-18


Graph 3.2 indicates an increase of 85.4% for the average of all households of GDI from 2003-04 to 2017-18, with the highest quintile growing above the average of all households at 97.2%, all other quintiles grew at or above 72.9% but below the average for all households. The third and highest quintiles were heavily impacted by the GFC, their GDI per household grew 16.1% and 20.5% respectively in 2005-06 to 2007-08 and by 2007-08 to 2009-10 (during the GFC), growth of GDI per household had declined to 5.9% and 7.8% respectively. The lowest quintile showed a negative in growth of GDI per household from 2015-16 to 2017-18, at - 2.0% growth.

Electronic tables 3, 4 and 10 illustrate that from 2003-04 to 2017-18, the average COE for all households increased from $51,876 per household to $93,296 per household, a growth of 79.8%. For households in the highest quintile, COE per household increased from $118,005 per household in 2003-04 to $219,112 per household in 2017-18, a growth of 85.7%. In 2003-04 for the highest quintile, the COE was 2.27 times the average of all households; by 2017-18 the COE ratio was 2.35.

TABLE 3.1 CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN GROSS DISPOSABLE INCOME PER HOUSEHOLD, BY EQUIVALISED HOUSEHOLD INCOME QUINTILES, 2003-04 to 2017-18, per cent

Income
Lowest
Second
Third
Fourth
Highest
Total households

Gross disposable income
72.9
78.1
79.8
77.7
97.2
85.4
GOS - dwellings owned by persons
9.0
13.8
10.9
8.8
11.9
11.0
Gross mixed income
3.3
4.8
6.9
5.2
20.7
11.2
Compensation of employees
27.0
39.8
53.6
63.3
77.2
61.1
Property income receivable
10.6
8.4
11.7
13.0
20.6
14.9
Social assistance benefits
27.8
18.6
8.4
3.8
1.3
7.5
Interest payable
-3.5
-1.2
-2.1
-3.4
-6.6
-4.2
Income tax payable
-2.1
-4.9
-8.5
-11.9
-25.9
-15.0


Table 3.1 shows that for all households, the largest contributor to growth in GDI per household was COE, at 61.1%, this was reflected in all quintiles except the lowest quintile, where the largest contributor to growth in GDI per household was social assistance benefits, at 27.8%, followed by COE at 27.0%. Income tax payable had a significant impact in reducing GDI per household in the highest quintile, where it reduced GDI by 25.9% per household.

(II) Equivalised household net worth quintiles

(a) Contribution of net worth quintiles to income growth

GRAPH 3.3: PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY EQUIVALISED HOUSEHOLD NET WORTH QUINTILES, 2003-04 to 2017-18.
GRAPH 3.3 shows PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY EQUIVALISED HOUSEHOLD NET WORTH QUINTILES, 2003-04 to 2017-18.

Graph 3.3 shows that households in the highest net worth quintile showed the largest increase (38.6%) of the 116.2% growth in gross disposable income (GDI) from 2003-04 to 2017-18. The second, third and fourth quintiles contributed approximately 21%. The difference in contribution between the highest quintile and the lower quintiles for GDI (and some of the components) was not nearly as pronounced as it was with the equivalised income quintiles.

Electronic table 9 shows that for superannuation benefits received, increased 190.0% from 2003-04 to 2017-18, the contribution by the highest quintile was 147.4%, followed by 32.2 % for the fourth quintile. By comparison, the aggregate of the lowest, second and third quintile contribution was 10.5%.

(b) Household material living standards - per household by net worth quintile

GRAPH 3.4A: PERCENTAGE GROWTH PER HOUSEHOLD, GROSS DISPOSABLE INCOME BY EQUIVALISED HOUSEHOLD NET WORTH QUINTILE, 2003-04 onwards
GRAPH 3.4A shows PERCENTAGE GROWTH PER HOUSEHOLD, GROSS DISPOSABLE INCOME BY EQUIVALISED HOUSEHOLD NET WORTH QUINTILE, 2003-04 onwards

GRAPH 3.4B: PERCENTAGE GROWTH, PER HOUSEHOLD, GROSS DISPOSABLE INCOME BY EQUIVALISED HOUSEHOLD NET WORTH QUINTILE, 2003-04 to 2017-18
GRAPH 3.4B shows PERCENTAGE GROWTH, PER HOUSEHOLD, GROSS DISPOSABLE INCOME BY EQUIVALISED HOUSEHOLD NET WORTH QUINTILE, 2003-04 to 2017-18


Graph 3.4 indicates an increase of 85.4% for the average of all households of GDI from 2003-04 to 2017-18, with the third and fourth quintile growing below the average of all households at 76.6% and 71.4% respectively.

Electronic table 3, 4 and 10 illustrate that from 2003-04 to 2017-18, the average social assistance benefits for all households increased from $9,087 per household to $14,158 per household, a growth of 55.8%. For households in quintile one, social assistance benefits per household increased from $13,203 per household in 2003-04 to $20,543 per household in 2017-18, a growth of 55.6%, which is marginally below the average growth of all households.

TABLE 3.2 CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN GROSS DISPOSABLE INCOME PER HOUSEHOLD, BY EQUIVALISED HOUSEHOLD NET WORTH QUINTILES, 2003-04 to 2017-18, per cent

Income
Lowest
Second
Third
Fourth
Highest
All households

Gross disposable income
89.3
83.3
76.6
71.4
100.8
85.4
GOS - dwellings owned by persons
11.8
6.9
7.0
8.0
18.3
11.0
Gross mixed income
9.6
7.7
6.2
5.8
21.6
11.2
Compensation of employees
58.7
75.6
63.8
54.4
55.4
61.1
Property income receivable
3.5
5.6
8.0
11.4
32.9
14.9
Social assistance benefits
18.8
6.1
8.7
8.0
2.4
7.5
Interest payable
-3.3
-2.5
-3.0
-3.8
-6.6
-4.2
Income tax payable
-9.0
-15.1
-12.9
-11.2
-21.6
-15.0


Table 3.2 shows that for all households, the largest contributor to growth in GDI per household was compensation of employees, at 61.1%; this was reflected in all net worth quintiles. Property Income receivables was significant to growth in GDI per household in the highest quintile and fourth quintile, contributing 32.9% and 11.4%, respectively. GOS - dwelling owned by person was a significant contributor for GDI per household for the highest quintile and lowest quintile at 18.3% and 11.8% respectively, both above the growth of all households at 11.0%.

(III) Main Source of Income

(a) Contribution of main source of income to income growth

GRAPH 3.5: PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY MAIN SOURCE OF INCOME (a), 2003-04 to 2017-18
GRAPH 3.5 shows PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY MAIN SOURCE OF INCOME, 2003-04 to 2017-18


Graph 3.5, illustrates that households with wages and salaries as their main source of income (MSI) showed the largest increase, at 82.1% of the 116.2% growth in gross disposable income (GDI) from 2003-04 to 2017-18, followed by MSI property income and superannuation and MSI income from unincorporated businesses, both at 12% growth.

Electronic table 9 show that households with MSI wages and salaries were mainly responsible for nearly all income components that increased GDI by 116.2% between 2003-04 and 2017-18. The only exceptions was gross mixed income (GMI), where MSI income from unincorporated business was the largest contributor, 65.8%, and social assistance benefits, where MSI government pensions and allowances were the largest contributor, 45.7%.

(b) Household material living standards - per household by main source of income

GRAPH 3.6: PERCENTAGE GROWTH PER HOUSEHOLD, GROSS DISPOSABLE INCOME BY MAIN SOURCE OF INCOME (a), 2003-04 to 2017-18
GRAPH 3.6 shows PERCENTAGE GROWTH PER HOUSEHOLD, GROSS DISPOSABLE INCOME BY MAIN SOURCE OF INCOME, 2003-04 to 2017-18


Graph 3.6 indicates an increase of 85.4% for the average of all households of GDI from 2003-04 to 2017-18, with MSI income from unincorporated business, MSI property income and superannuation growing above the average of all households at 121.5% and 162.4% respectively.

TABLE 3.3: CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN GROSS DISPOSABLE INCOME PER HOUSEHOLD,
BY MSI, 2003-04 to 2017-18, per cent

Income
Wages and
Income from
Property income
Government
Other
All
salaries
unincorporated
and
pensions
households
business
superannuation
and allowances

Gross disposable income
73.9
121.5
162.4
64.4
56.2
85.4
GOS - dwellings owned by persons
6.3
20.2
40.9
16.6
21.3
11.0
Gross mixed income
2.8
92.3
44.6
-0.5
0.3
11.2
Compensation of employees
72.1
6.8
17.3
3.9
6.8
61.1
Property income receivable
10.4
13.9
87.8
5.7
10.1
14.9
Social assistance benefits
3.1
6.0
7.3
39.5
7.3
7.5
Interest payable
-4.0
-6.5
-6.0
-0.3
-9.8
-4.2
Income tax payable
-15.5
-9.6
-26.9
0.6
-7.0
-15.0


Table 3.3 shows that for MSI household groups, the largest contributor to growth in GDI per household reflected the main source of income of the group. The largest contributors to GDI per household for MSI wages and salaries was compensation of employees at 72.1%; for MSI Income from unincorporated business, it was GMI at 92.3%; for MSI property income and superannuation, it was property income receivable at 87.8%; and for MSI government pension and allowance, it was social assistance and benefits at 39.5%.

(IV) Household composition

(a) Contribution of household composition to income growth

GRAPH 3.7A: PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY HOUSEHOLD COMPOSITION, 2003-04 onwards
GRAPH 3.7A shows PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY HOUSEHOLD COMPOSITION, 2003-04 onwards

GRAPH 3.7B: PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY HOUSEHOLD COMPOSITION, 2003-04 to 2017-18
GRAPH 3.7B shows PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY HOUSEHOLD COMPOSITION, 2003-04 to 2017-18


Graph 3.7, shows that households containing two adults or more with dependent children showed the largest increase, 46.6% of the of 116.2% growth in gross disposable income (GDI) from 2003-04 to 2017-18, followed by other households contributing 23.1% of the increase, and households with couple only with reference person under 65 years contributing 18.7%.

(b) Household material living standards - per household by household composition

GRAPH 3.8: PERCENTAGE GROWTH PER HOUSEHOLD, gross disposable income by household composition, 2003-04 to 2017-18
GRAPH 3.8 shows PERCENTAGE GROWTH PER HOUSEHOLD, gross disposable income by household composition, 2003-04 to 2017-18


Graph 3.8 indicates an increase of 85.4% for the average of all households of GDI from 2003-04 to 2017-18. For five out of the seven household groups, GDI per household grew below the average for all households. The exceptions were couples only, reference person 65 and over which grew at 113.9% and two adults or more with dependent children which grew at 97.1%.

Electronic tables 3, 4 and 10 illustrate that for households with lone person over 65 years, social assistance benefits per household increased from $11,361 per household in 2003-04 to $19,150 per household in 2017-18, a growth of 68.6%, above the 55.8% average growth for all households. For households with lone person over 65 years, in 2003-04 social assistance benefits was 1.25 times the average of all households, by 2017-18 the ratio had increased to 1.35.

TABLE 3.4: CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN GROSS DISPOSABLE INCOME PER HOUSEHOLD, by household composition, 2003-04 to 2017-18, per cent

Income
Lone person
Lone person
One parent
Couple only
Couple only
Two adults
Other
All
under
over
with dependent
with reference
with reference
or more with
households
65 years
65 years
children
person under
person over
dependent
65 years
65 years
children

Gross disposable income
77.2
70.8
76.0
77.9
113.9
97.1
77.0
85.4
GOS - dwellings owned by persons
11.1
21.0
10.5
6.3
30.5
11.0
7.1
11.0
Gross mixed income
7.6
-0.1
2.0
9.1
11.7
18.4
7.3
11.2
Compensation of employees
55.1
7.6
54.6
73.6
18.6
79.2
54.3
61.1
Property income receivable
12.6
13.7
9.2
14.4
40.9
12.3
14.4
14.9
Social assistance benefits
6.5
30.0
15.1
-0.3
24.9
4.7
7.3
7.5
Interest payable
-3.3
0.5
-4.7
-5.5
-4.8
-5.5
-2.2
-4.2
Income tax payable
-11.7
0.6
-10.2
-18.1
-6.1
-21.9
-10.1
-15.0


Table 3.4 shows from 2003-04 to 2017-18, for all households, the largest contributor to growth in GDI per household was compensation of employees, at 61.1%. This was reflected in 5 out of the 7 household groups. The exceptions were households containing lone person over 65 years, where the largest contributor was social assistance benefits at 30.0% and couple only households with reference person over 65 years where property income receivable was the largest contributor at 40.9%.

(V) Age of Reference Person

(a) Contribution of age of reference person to income growth

GRAPH 3.9A: PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY AGE OF REFERENCE PERSON, 2003-04 onwards
GRAPH 3.9A shows PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY AGE OF REFERENCE PERSON, 2003-04 onwards


GRAPH 3.9B: PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY AGE OF REFERENCE PERSON, 2003-04 to 2017-18
GRAPH 3.9B shows PERCENTAGE GROWTH OF GROSS DISPOSABLE INCOME BY AGE OF REFERENCE PERSON, 2003-04 to 2017-18


Graph 3.9 shows that households with age of reference person between 45-54 years and 55-64 years showed equal largest increases, 27.3% of the 116.2% growth in gross disposable income (GDI) from 2003-04 to 2017-18. Households with age reference person between 15-24 years showed an increase of 2.4%, well below the growth of other age brackets.

Electronic table 9 shows that, for the increase in GDI by 116.2% between 2003-04 and 2017-18, the households responsible for driving the increase of each component were varied. For GOS dwellings owned by persons and social assistance benefits, the main contributor to the increase was households with reference person 65 years and over; for compensation of employees and income tax payable, the main contributor to the increase and detraction respectively, was households with a reference person between 45-54 years ; for property income receivable, the main contributor to the increase was households with reference person 65 years and over, followed by household with reference person between 55-64 years.

(b) Household material living standards - per household by age of reference person

GRAPH 3.10: PERCENTAGE GROWTH, PER HOUSEHOLD, gross disposable income by household composition, 2003-04 to 2017-18
GRAPH 3.10 shows PERCENTAGE GROWTH, PER HOUSEHOLD, gross disposable income by household composition, 2003-04 to 2017-18


Graph 3.10 indicates an increase of 85.4% for the average of all households of GDI from 2003-04 to 2017-18. Only households with reference person between 55-64 years and households with reference person 65 years and older did GDI per household grow above the average for all households for GDI, at 102.9% and 117.2% respectively.

For income tax payable, electronic tables 3, 4 and 10 illustrate that, from 2003-04 to 2017-18, the average income tax payable for all households increased from $13,300 per household to $23,462 per household, a growth of 76.4%. For households with age of reference person between 55-64 years, income tax payable per household increased from $11,600 per household in 2003-04 to $23,046 per household in 2017-18, a growth of 98.7%, which is above the average growth of all households. For households with age of reference person between 55-64 years, income tax payable in 2003-04 was 0.87 times the average of all households; by 2017-18 the ratio had increased to 0.98.


TABLE 3.5: CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN GROSS DISPOSABLE INCOME PER HOUSEHOLD, by household composition, 2003-04 to 2017-18, per cent

Income
15-24 years
25-34 years
35-44 years
45-54 years
55-64 years
65 years and over
All households

Gross disposable income
65.0
75.0
80.6
78.2
102.9
117.2
85.4
GOS - dwellings owned by persons
9.1
5.2
4.9
7.1
14.3
32.7
11.0
Gross mixed income
6.5
7.5
15.2
13.8
10.7
7.4
11.2
Compensation of employees
46.5
69.4
76.1
63.2
78.9
26.9
61.1
Property income receivable
3.2
4.8
8.3
12.9
21.9
32.9
14.9
Social assistance benefits
5.3
5.2
4.3
3.4
2.5
29.3
7.5
Interest payable
-0.9
-2.4
-4.7
-4.2
-7.3
-3.6
-4.2
Income tax payable
-6.2
-14.3
-21.8
-17.1
-16.5
-6.0
-15.0


Table 3.5 shows from 2003-04 to 2017-18, for all household, the largest contributor to growth in GDI per household was compensation of employees (COE). COE was the largest contributor, for most household groups. There was one exception, these were households with age of reference person 65 years and older where the largest contributor to GDI per household growth was property income receivable, at 32.9% and Gross operating surplus - dwellings owned by persons, at 32.7%. The largest detractor for all household groups was income tax payable.


IMPACT OF REDISTRIBUTION MEASURES BY GOVERNMENT AND NON PROFIT INSTITUTIONS SERVING HOUSEHOLDS

This section analyses the effects of income tax, social assistance benefits and social transfers in kind (STiK) have had on gross disposable income per household, by household group over the period of 2003-04 to 2017-18.

Gross disposable income is presented in a step by step format, each step includes an income receivable or payable component that illustrate the impact of the redistribution of income by government and non-profit institution serving household (NPISH).

Step 1: gross disposable income (GDI) before the addition of income from government social assistance benefits (cash) and the payment of income tax;
Step 2: step 1 GDI less income taxes payable;
Step 3: step 2 GDI plus income from government social assistance benefits (cash);
Step 4: step 3 GDI plus government and NPISH payments to households from social transfers in kind (STiK).

The impacts of redistribution measures is analysed for the five household groups (equivalised household income and net worth quintiles; main source of income, household composition; and age of household reference person). The data presented for each step is the ratio of GDI per household to the all household average (from electronic Table 11); the ratio provides the relative size of the amount of GDI in each step to the average amount for all households, which is an assessment of material living standards. Changes of the ratios from 2003-04 to 2017-18 for each step is graphically presented to measure the change in material living standards for household groups.

(I) Equivalised income quintiles

TABLE 3.6: IMPACT OF REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, EQUIVALISED HOUSEHOLD INCOME QUINTILES, ratio to average of all household

Lowest
Second
Third
Fourth
Highest
All households

Ratio to all households average: 2003-04
GDI (before tax and social assistance benefits)
0.16
0.46
0.86
1.29
2.30
1.00
GDI (after tax and before social assistance benefits)
0.17
0.50
0.89
1.30
2.20
1.00
GDI (after tax and social assistance benefits)
0.38
0.65
0.90
1.19
1.93
1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))
0.53
0.75
0.93
1.13
1.69
1.00
Ratio to all households average: 2017-18
GDI (before tax and social assistance benefits)
0.17
0.46
0.82
1.20
2.41
1.00
GDI (after tax and before social assistance benefits)
0.20
0.50
0.86
1.22
2.29
1.00
GDI (after tax and social assistance benefits)
0.36
0.62
0.87
1.14
2.06
1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))
0.52
0.73
0.90
1.08
1.79
1.00



For 2003-04 and 2017-18, households in the lowest, second and third income quintiles, the ratios to the average of all households increased with each step, and for households in the highest income quintile the ratios to the average of all households decreased with each step. The exception was the fourth quintile, which moved away from the average GDI per household after step 2 (after income tax and before social assistance benefits) and by step 3 and step 4 moved closer to the average GDI per household.

GRAPH 3.11: REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, EQUIVALISED HOUSEHOLD INCOME QUINTILES, change in ratio of GDI per household, 2003-04 to 2017-18
GRAPH 3.11 shows REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, EQUIVALISED HOUSEHOLD INCOME QUINTILES, change in ratio of GDI per household, 2003-04 to 2017-18

The graph above shows the change, from 2003-04 to 2017-18, in GDI per household, following each of the four redistribution steps. For households in the highest income quintile the ratios to the average of all households increased at every step between 2003-04 and 2017-18.

(II) Equivalised net worth quintiles

TABLE 3.7: IMPACT OF REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, EQUIVALISED HOUSEHOLD NET WORTH QUINTILES, ratio to average of all household

Lowest
Second
Third
Fourth
Highest
All households

Ratio to all households average: 2003-04
GDI (before tax and social assistance benefits)
0.44
0.92
1.01
1.09
1.57
1.00
GDI (after tax and before social assistance benefits)
0.44
0.92
1.01
1.08
1.59
1.00
GDI (after tax and social assistance benefits)
0.58
0.93
1.00
1.06
1.46
1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))
0.68
0.97
1.01
1.04
1.33
1.00
Ratio to all households average: 2017-18
GDI (before tax and social assistance benefits)
0.46
0.93
0.95
0.98
1.72
1.00
GDI (after tax and before social assistance benefits)
0.48
0.92
0.94
0.98
1.71
1.00
GDI (after tax and social assistance benefits)
0.59
0.92
0.95
0.98
1.58
1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))
0.69
0.94
0.98
0.98
1.43
1.00


For 2003-04 and 2017-18, households in the lowest net worth quintile, the ratios to the average of all households increased with each step. In 2003-04, households in the highest net worth quintile moved further away from the average ratio after step 2 (after tax and before social assistance benefits), before moving closer to the average in steps 3 and 4. In 2017-18 households in the highest net worth quintile moved closer to the average ratio at every step.

GRAPH 3.12: REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, EQUIVALISED HOUSEHOLD NET WORTH QUINTILES, change in ratio of GDI per household, 2003-04 to 2017-18
GRAPH 3.12 shows REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, EQUIVALISED HOUSEHOLD NET WORTH QUINTILES, change in ratio of GDI per household, 2003-04 to 2017-18


The graph above shows the change, from 2003-04 to 2017-18, in GDI per household, following each of the four redistribution steps. For households in the highest net wealth quintiles the ratios to the average of all households increased significantly at every step between 2003-04 and 2017-18.

(III) Main Source of Income

TABLE 3.8: IMPACT OF REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, MAIN SOURCE OF INCOME, ratio to average of all household

Wages and
Income from
Property
Government
Other
All
salaries
unincorporated
income and
pensions and
households
business
superannuation
allowances

Ratio to all households average: 2003-04
GDI (before tax and social assistance benefits)
1.41
1.18
0.93
0.13
0.32
1.00
GDI (after tax and before social assistance benefits)
1.38
1.22
1.01
0.15
0.34
1.00
GDI (after tax and social assistance benefits)
1.26
1.12
0.94
0.46
0.45
1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))
1.19
1.08
0.89
0.62
0.58
1.00
Ratio to all households average: 2017-18
GDI (before tax and social assistance benefits)
1.29
1.34
1.36
0.12
0.29
1.00
GDI (after tax and before social assistance benefits)
1.27
1.43
1.42
0.15
0.31
1.00
GDI (after tax and social assistance benefits)
1.18
1.34
1.33
0.40
0.38
1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))
1.12
1.26
1.26
0.58
0.53
1.00


For 2003-04 and 2017-18, households with MSI wages and salaries the ratios to the average of all household decreased with each step. MSI income from unincorporated businesses and MSI property income and superannuation showed a similar pattern with the exception of step 2, which moved away from the average GDI per household, before moving closer to the average GDI per household in step 3 and 4. Households with MSI government pensions and allowances and MSI other, the ratio increased with each step moving closer to the average, with it more than doubling from step 2 to step 3 for those in households with MSI government pensions and allowances.


GRAPH 3.13: REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, MAIN SOURCE OF INCOME (a), Change in ratio of GDI per household, 2003-04 to 2017-18
GRAPH 3.13 shows REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, MAIN SOURCE OF INCOME, Change in ratio of GDI per household, 2003-04 to 2017-18

The graph above shows the change, from 2003-04 to 2017-18, in GDI per household, following each of the four redistribution steps. For households with MSI property income and superannuation the ratios to the average GDI per household increased significantly between 2003-04 and 2017-18.

(IV) Household Composition

TABLE 3.9: IMPACT OF REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, HOUSEHOLD COMPOSITION, ratio to average of all household

Lone
Lone
One parent
Couple
Couple
Two
Other
All
person
person
with
only with
only with
adults or
households
under
over
dependent
reference
reference
more with
65 years
65 years
children
person under
person over
dependent
65 years
65 years
children

Ratio to all households average: 2003-04
GDI (before tax and social assistance benefits)
0.64
0.23
0.45
1.30
0.47
1.50
1.26
1.00
GDI (after tax and before social assistance benefits)
0.63
0.25
0.45
1.30
0.52
1.48
1.25
1.00
GDI (after tax and social assistance benefits)
0.61
0.38
0.67
1.19
0.72
1.41
1.24
1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))
0.56
0.45
0.83
1.07
0.83
1.44
1.18
1.00
Ratio to all households average: 2017-18
GDI (before tax and social assistance benefits)
0.59
0.20
0.48
1.27
0.59
1.61
1.17
1.00
GDI (after tax and before social assistance benefits)
0.59
0.23
0.48
1.25
0.66
1.57
1.19
1.00
GDI (after tax and social assistance benefits)
0.58
0.35
0.63
1.14
0.83
1.49
1.18
1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))
0.55
0.42
0.81
1.01
0.95
1.51
1.14
1.00


For 2003-04 and 2017-18, households with lone person 65 years and over, one parent with dependent children and couple only households with reference person 65 years and over, the ratios of GDI per household to the average of all households increased with each step. For couple only households with a reference person under 65 years, the ratio to the average of all households decreased with each step.

GRAPH 3.14: REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, HOUSEHOLD COMPOSITION, Change in ratio of GDI per household, 2003-04 to 2017-18
GRAPH 3.14 shows REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, HOUSEHOLD COMPOSITION, Change in ratio of GDI per household, 2003-04 to 2017-18


The graph above shows the change, from 2003-04 to 2017-18, in GDI per household, following each of the four redistribution steps. For households with a couple only, reference person 65 and over and households with two adults or more with dependent children the ratio to the average GDI per household increased between 2003-04 and 2017-18.

(V) Age of Reference Person

TABLE 3.10: IMPACT OF REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, AGE OF REFERENCE PERSON, ratio to average of all household

15-24 years
25-34 years
35-44 years
45-54 years
55-64 years
65 years and over
All households

Ratio to all households average: 2003-04
GDI (before tax and social assistance benefits)
0.71
1.12
1.21
1.40
1.00
0.37
1.00
GDI (after tax and before social assistance benefits)
0.71
1.10
1.18
1.39
1.03
0.41
1.00
GDI (after tax and social assistance benefits)
0.73
1.05
1.14
1.29
1.02
0.58
1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))
0.73
1.00
1.16
1.25
0.98
0.66
1.00
Ratio to all households average: 2017-18
GDI (before tax and social assistance benefits)
0.62
1.04
1.21
1.34
1.13
0.47
1.00
GDI (after tax and before social assistance benefits)
0.64
1.02
1.15
1.32
1.17
0.52
1.00
GDI (after tax and social assistance benefits)
0.65
0.99
1.11
1.24
1.12
0.67
1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))
0.65
0.94
1.13
1.21
1.05
0.77
1.00


For 2003-04 and 2017-18, households with age of reference person 65 years and over, the ratios to the average of all households GDI increased with each step. For households with age of reference person 25-34 years and 45-54 years the ratios to the average of all households decreased with each step. For households with age of reference person 35-44 years the ratios move closer to the average of all households GDI up until step 3 (after tax and social assistance benefits) before moving away at step 4 (after tax, social assistance benefits and social transfers in kind). Broadly speaking, households with age of reference person 15-24 years moved closer to the average of all households GDI at every step, although the improvement was less pronounced than for households with age of reference person 65 years and over.


GRAPH 3.15: REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, AGE OF REFERENCE PERSON, Change in ratio of GDI per household, 2003-04 to 2017-18
GRAPH 3.15 shows REDISTRIBUTION MEASURES BY GOVERNMENT AND NPISH, AGE OF REFERENCE PERSON, Change in ratio of GDI per household, 2003-04 to 2017-18


The graph above shows the change, from 2003-04 to 2017-18, in GDI per household, following each of the four redistribution steps. For households with age of reference person 55-64 years and 65 and over, the ratios to the average GDI per household increased significantly between 2003-04 and 2017-18, particularly after step 2 (after tax and before social assistance benefits).


CONSUMPTION

Electronic table 9 shows from 2003-04 and 2017-18, ASNA household final consumption expenditure (HFCE) grew 106.5%; the increase was driven by an increase in rent and dwelling services (139.7% growth), transport (84.5% growth), food (88.4%), and recreation and culture (76.9% growth).

(I) Equivalised income quintiles

(a) Contribution of income quintiles to consumption growth

GRAPH 3.16: PERCENTAGE GROWTH OF HOUSEHOLD FINAL CONSUMPTION EXPENDITURE, equivalised household income quintile, 2003-04 to 2017-18
GRAPH 3.16 shows PERCENTAGE GROWTH OF HOUSEHOLD FINAL CONSUMPTION EXPENDITURE, equivalised household income quintile, 2003-04 to 2017-18


Graph 3.16 shows that households in the highest income quintile had the largest increase, 39.9% of the 106.5% growth in household final consumption expenditure (HFCE) from 2003-04 to 2017-18. The contribution by the lowest, second, third and fourth quintiles to the increase were 13.2%, 13.3%, 18.1%, and 22.0% respectively.

(b) Household material living standards - per household by income quintile

GRAPH 3.17: PERCENTAGE GROWTH PER HOUSEHOLD FINAL CONSUMPTION EXPENDITURE, by equivalised household income quintiles, 2003-04 to 2017-18
GRAPH 3.17 shows PERCENTAGE GROWTH PER HOUSEHOLD FINAL CONSUMPTION EXPENDITURE, by equivalised household income quintiles, 2003-04 to 2017-18


Graph 3.17 indicates an increase of 77.1% for the average of all households of HFCE from 2003-04 to 2017-18, with the lowest and highest income quintile growing above the average of all households at 83.0% and 100.4% respectively. The second, third and fourth quintiles grew below the average for all households at 57.7%, 66.8%, and 65.8% respectively.

TABLE 3.11: CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN ACTUAL INDIVIDUAL CONSUMPTION PER HOUSEHOLD,
by equivalised household income quintile, 2003-04 to 2017-18, per cent

Consumption
Lowest
Second
Third
Fourth
Highest
All households

Actual individual consumption
90.0
68.3
73.0
70.8
103.6
82.2
Food
6.3
4.5
5.6
4.8
5.6
5.3
Alcoholic beverages and tobacco
2.6
3.1
2.9
1.9
2.3
2.5
Rent and dwelling services
12.5
11.5
14.2
14.0
23.0
15.8
Health
5.9
2.9
4.6
2.8
4.8
4.1
Social transfer in kind - Health
14.4
12.7
10.5
8.1
6.9
10.0
Transport
5.3
3.8
4.6
5.0
8.5
5.7
Recreation and culture
3.2
2.5
4.3
4.5
8.2
4.9
Education services
2.3
1.2
2.1
1.8
4.3
2.5
Social transfer in kind - Education
10.2
6.7
5.6
3.9
3.5
5.5
Social transfer in kind - Other
11.6
7.4
4.3
2.7
1.6
4.8


Table 3.11 shows that, for all households, the largest contributor to growth in actual individual consumption (AIC) per household between 2003-04 and 2017-18 was rent and dwelling services at 15.8% growth. Rent and dwelling services was the largest contributor per household in the third, fourth and highest income quintiles. Social transfers in kind - health was the largest contributor for the lowest and second income quintiles, and the second largest contributor to the third and fourth quintiles.

(II) Equivalised net worth quintiles

(a) Contribution of net worth quintiles to consumption growth

GRAPH 3.18: PERCENTAGE GROWTH OF HOUSEHOLD FINAL CONSUMPTION EXPENDITURE, equivalised household net worth quintile, 2003-04 to 2017-18.
GRAPH 3.18 shows PERCENTAGE GROWTH OF HOUSEHOLD FINAL CONSUMPTION EXPENDITURE, equivalised household net worth quintile, 2003-04 to 2017-18.


Graph 3.18, shows that households in the highest net worth quintile showed the largest increase, 37.0% of the of 106.5% growth in final household consumption expenditure (HFCE) from 2003-04 to 2017-18. The contribution by the lowest, second, third and fourth quintiles to the increase were 12.0%, 16.6%, 18.7% and 22.3% respectively.

(b) Household material living standards - per household by income quintile

GRAPH 3.19: PERCENTAGE GROWTH PER HOUSEHOLD, final consumption expenditure by equivalised household net worth quintiles, 2003-04 to 2017-18
GRAPH 3.19 shows PERCENTAGE GROWTH PER HOUSEHOLD, final consumption expenditure by equivalised household net worth quintiles, 2003-04 to 2017-18


Graph 3.19 indicates an increase of 77.1% for the average of all households of HFCE from 2003-04 to 2017-18, only the highest net worth quintile grew above the average at 109.2% growth. The lowest, second, third and fourth quintiles grew below the average of all households at 59.8%, 59.4%, 65.6%, and 76.4% respectively.

TABLE 3.12: CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN ACTUAL INDIVIDUAL CONSUMPTION PER HOUSEHOLD,
by equivalised household net worth quintiles, 2003-04 to 2017-18, per cent

Consumption
Lowest
Second
Third
Fourth
Highest
All households

Actual individual consumption
71.1
64.9
74.4
81.8
111.4
82.2
Food
5.3
5.8
5.5
5.0
5.2
5.3
Alcoholic beverages and tobacco
2.2
3.0
3.3
2.3
2.0
2.5
Rent and dwelling services
10.4
9.5
11.4
15.8
28.3
15.8
Health
2.8
3.9
3.2
4.9
5.4
4.1
Social transfer in kind - Health
10.6
8.2
11.3
10.5
9.4
10.0
Transport
4.0
3.9
6.4
5.3
8.0
5.7
Recreation and culture
2.9
4.2
3.8
4.7
8.1
4.9
Education services
1.4
2.1
2.2
2.7
3.7
2.5
Social transfer in kind - Education
9.2
6.3
5.7
4.2
3.3
5.5
Social transfer in kind - Other
9.4
4.1
4.8
4.2
3.0
4.8


Table 3.12 shows that, for all households, the largest contributor to growth in actual individual consumption per household between 2003-04 and 2017-18 was rent and dwelling services at 15.8% growth. Rent and dwelling services was the largest contributor per household in all net worth quintile groups except the lowest quintile where the main contributor was social transfers in kind - health. The consumption per household of social transfers in kind - health varied in growth between the net worth quintiles, while consumption of social transfers in kind - education growth increased between the net worth quintiles at 3.3%, 4.2%, 5.7%, 6.3%, and 9.2% from the highest to the lowest net worth quintiles, respectively.

(III) Main Source of Income

(a) Contribution of main source of income to consumption growth

GRAPH 3.20: PERCENTAGE GROWTH OF HOUSEHOLD FINAL CONSUMPTION EXPENDITURE (a), main source of income, 2003-04 to 2017-18.
GRAPH 3.20 shows PERCENTAGE GROWTH OF HOUSEHOLD FINAL CONSUMPTION EXPENDITURE, main source of income, 2003-04 to 2017-18.


Graph 3.20, shows that households with main source of income (MSI), wages and salaries showed the largest increase, 75.6% of the of 106.5% growth in final household consumption expenditure (HFCE) from 2003-04 to 2017-18, and was the household group responsible for the increase in most of the components that increased HFCE.

(b) Household material living standards - per household by main source of income

GRAPH 3.21: PERCENTAGE GROWTH PER HOUSEHOLD FINAL CONSUMPTION EXPENDITURE (a), by main source of income, 2003-04 to 2017-18
GRAPH 3.21 shows PERCENTAGE GROWTH PER HOUSEHOLD FINAL CONSUMPTION EXPENDITURE, by main source of income, 2003-04 to 2017-18


Graph 3.21 indicates an increase of 77.1% for the average of all households of HFCE from 2003-04 to 2017-18, households with MSI income from unincorporated business and MSI property income and superannuation grew above the average of all households at 80.6% and 179.8%.

Electronic table 9 shows that the strong growth in HFCE per household for MSI property income and superannuation seen over the time series is particularly evident in the two most recent time periods, 2013-14 to 2015-16 and 2015-16 to 2017-18, with per household growth of 30.4% and 26.1% respectively.

TABLE 3.13: CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN ACTUAL INDIVIDUAL CONSUMPTION PER HOUSEHOLD, by main source of income, 2003-04 to 2017-18, per cent

Consumption
Wages and
Income from
Property
Government
Other
All
salaries
unincorporated
income and
pensions and
households
business
superannuation
allowances

Actual individual consumption
75.0
86.1
180.9
61.9
77.6
82.2
Food
5.2
4.9
10.1
3.1
7.7
5.3
Alcoholic beverages and tobacco
2.5
1.8
4.0
2.0
2.1
2.5
Rent and dwelling services
14.2
28.5
34.4
8.8
10.2
15.8
Health
4.0
4.0
9.3
2.7
5.7
4.1
Social transfer in kind - Health
7.3
11.1
16.4
17.7
6.5
10.0
Transport
5.5
4.4
16.3
1.7
2.3
5.7
Recreation and culture
5.0
4.0
12.9
0.6
5.5
4.9
Education services
2.7
1.7
4.4
0.7
8.9
2.5
Social transfer in kind - Education
5.9
4.4
2.7
3.7
12.6
5.5
Social transfer in kind - Other
2.3
4.1
7.0
14.6
3.6
4.8


Table 3.13 shows that, for all households, the largest contributor to growth in actual individual consumption (AIC) per household between 2003-04 and 2017-18 was rent and dwelling services at 15.8% growth. Rent and dwelling services was the largest contributor in household groups with MSI wages and salaries, MSI income from unincorporated business, and MSI property income and superannuation, and was the second largest contributor for Households with MSI other. Households with MSI government pensions had rent and dwelling services as the third largest contributor to to growth at 8.8%; this was behind social transfers in kind - health (17.7% growth) and social transfers in kind - other (14.6% growth).

(IV) Household Composition

(a) Contribution of household composition to consumption growth

GRAPH 3.22: PERCENTAGE GROWTH OF HOUSEHOLD FINAL CONSUMPTION EXPENDITURE, household composition, 2003-04 to 2017-18
GRAPH 3.22 shows PERCENTAGE GROWTH OF HOUSEHOLD FINAL CONSUMPTION EXPENDITURE, household composition, 2003-04 to 2017-18


Graph 3.22 shows that households with two adults or more with dependent children showed the largest increase, 42.8% of the of 106.5% growth in HFCE from 2003-04 to 2017-18, and these households were responsible for the increase in most of the components that increased HFCE.

(b) Household material living standards - per household by household composition

GRAPH 3.23: PERCENTAGE GROWTH PER HOUSEHOLD, final consumption expenditure by household composition, 2003-04 to 2017-18
GRAPH 3.23 shows PERCENTAGE GROWTH PER HOUSEHOLD, final consumption expenditure by household composition, 2003-04 to 2017-18

Graph 3.23 indicates an increase of 77.1% for the average of all households of HFCE from 2003-04 to 2017-18. Households with couple only, reference person 65 and over, two adults or more with dependent children and one parent with dependent children grew above the average of all households at 135.5%, 94.0% and 78.4% respectively.

TABLE 3.14: CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN ACTUAL INDIVIDUAL CONSUMPTION PER HOUSEHOLD, by household composition, 2003-04 to 2017-18, per cent

Consumption
Lone person
Lone
One parent
Couple only
Couple only
Two adults or
Other
All
under
person over
with dependent
with reference
with reference
more with
households
65 years
65 years
children
person under
person over
dependent
65 years
65 years
children

Actual individual consumption
65.0
75.2
86.4
60.7
129.7
95.8
70.1
82.2
Food
4.3
3.3
6.0
4.1
7.0
6.7
4.5
5.3
Alcoholic beverages and tobacco
2.9
2.6
1.5
2.0
3.3
2.6
2.6
2.5
Rent and dwelling services
11.8
18.6
12.5
13.9
27.6
16.9
12.6
15.8
Health
3.3
3.1
4.9
3.2
10.0
4.4
2.6
4.1
Social transfer in kind - Health
7.8
15.2
8.9
6.1
22.3
8.2
10.5
10.0
Transport
3.5
3.7
4.6
4.3
10.2
7.0
5.0
5.7
Recreation and culture
4.5
3.5
2.5
4.1
6.9
6.2
4.1
4.9
Education services
1.9
1.4
3.0
1.2
0.1
5.0
0.5
2.5
Social transfer in kind - Education
2.1
0.2
18.4
0.9
0.1
11.3
2.3
5.5
Social transfer in kind - Other
6.5
9.0
7.5
0.6
11.8
3.5
5.2
4.8


Table 3.14 shows that, for all households, the largest contributor to growth in actual individual consumption (AIC) per household between 2003-04 and 2017-18 was rent and dwelling services at 15.8%, followed by social transfers in kind – health at 10.0 % and transport at 5.7%. Rent and dwelling services was the largest contributor for all household groups classified by household composition with the exception of one parent with dependent children where it was the second largest contributor at 12.5%; after social transfers in kind – education at 18.4%. For all household groups, the second largest contributor to growth in AIC was social transfers in kind – health, with the exception one parent with dependent children, as previously mentioned, and households with two adults or more with dependent children. For households with two adults or more with dependent children, the second largest contributor to AIC growth was social transfers in kind – education.

(V) Age of reference person

(a) Contribution of age of reference person to consumption growth

GRAPH 3.24: PERCENTAGE GROWTH OF HOUSEHOLD FINAL CONSUMPTION EXPENDITURE, age of reference person, 2003-04 to 2017-18.
GRAPH 3.24 shows PERCENTAGE GROWTH OF HOUSEHOLD FINAL CONSUMPTION EXPENDITURE, age of reference person, 2003-04 to 2017-18.


Graph 3.24 shows that households with reference person between 55-64 years showed the largest increase, 27.0% of the of 106.5% growth in HFCE from 2003-04 to 2017-18. These households were followed closely by households with reference person aged between 65 years and older, increasing HFCE by 26.0% and by households with reference person aged 45-54, increasing HFCE by 25.0%.

(b) Household material living standards - per household by age of reference person

GRAPH 3.25: PERCENTAGE GROWTH PER HOUSEHOLD, final consumption expenditure by age of reference person, 2003-04 to 2017-18
GRAPH 3.25 shows PERCENTAGE GROWTH PER HOUSEHOLD, final consumption expenditure by age of reference person, 2003-04 to 2017-18


Graph 3.25 indicates an increase of 77.1% for the average of all households of HFCE from 2003-04 to 2017-18. Households with reference person between 55-64 years and 65 years and over grew above the average of all households at 95.7% and 129.6% respectively. Households with reference person between 45-54 years grew just below the average of all households at 76.3%.

TABLE 3.15: CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN ACTUAL INDIVIDUAL CONSUMPTION PER HOUSEHOLD, by age of reference person, 2003-04 to 2017-18, per cent

Consumption
15-24 years
25-34 years
35-44 years
45-54 years
55-64 years
65 years and over
All households

Actual individual consumption
32.5
63.6
63.9
81.9
96.4
128.5
82.2
Food
2.5
4.9
4.1
5.4
6.1
7.8
5.3
Alcoholic beverages and tobacco
-0.7
1.5
1.5
3.0
3.0
4.8
2.5
Rent and dwelling services
3.5
10.9
11.8
15.1
18.6
27.1
15.8
Health
1.4
4.4
3.3
3.2
3.8
7.1
4.1
Social transfer in kind - Health
5.1
7.0
6.7
7.3
9.0
22.4
10.0
Transport
2.6
5.2
4.7
5.8
5.3
9.5
5.7
Recreation and culture
0.7
3.2
3.9
4.9
7.9
6.6
4.9
Education services
1.7
1.8
3.0
5.0
1.2
1.0
2.5
Social transfer in kind - Education
7.0
5.4
9.3
8.6
2.9
1.2
5.5
Social transfer in kind - Other
2.4
2.6
3.5
3.1
3.6
12.8
4.8


Table 3.15 shows that, for all households, the largest contributor to growth in actual individual consumption (AIC) per household between 2003-04 and 2017-18 was rent and dwelling services at 15.8%. Growth in rent and dwelling services was the largest contributor in most household groups classified by age of reference, except households with age of reference person 15-24 years, where it was social transfers in kind - education. For households with reference person 65 years and older, AIC per household grew 128.5%; the largest contributor to this growth after rent and dwelling services was social transfers in kind - health at 22.4%. For households with age of reference person between 15-24 years and 25-34 years, the second largest contributor to growth in AIC per household was social transfers in kind - health. For households with age of reference person between 35-44 years and 45-54 years, the second largest contributor to growth in AIC after rent and dwelling services was social transfers in kind - education.


GROSS SAVING

Electronic table 9 shows from 2003-04 to 2017-18, ASNA gross saving grew 192.3%. The increase in gross saving was mainly seen in the years prior and during the GFC where in 2005-06 to 2007-08 (prior to the GFC) it was 35.6% and during 2007-08 to 2009-10 (during the GFC) gross saving grew 43.2%. Post GFC, the growth in gross saving has slowed from a growth of 24.3% in 2009-10 to 2011-12 down to a negative growth of -5.3% in 2015-16 to 2017-18.

(I) Equivalised income quintiles

Contribution of income quintiles to gross saving growth

GRAPH 3.26A: PERCENTAGE GROWTH OF GROSS SAVING, equivalised household income quintile, 2003-04 onwards
GRAPH 3.26A shows PERCENTAGE GROWTH OF GROSS SAVING, equivalised household income quintile, 2003-04 onwards

GRAPH 3.26B: PERCENTAGE GROWTH OF GROSS SAVING, equivalised household income quintile, 2003-04 to 2017-18
GRAPH 3.26B shows PERCENTAGE GROWTH OF GROSS SAVING, equivalised household income quintile, 2003-04 to 2017-18


Graph 3.26 shows that households in the highest income quintile showed the largest increase (126.8%) of the 192.3% total household increase in gross saving from 2003-04 to 2017-18. For the same period the lowest quintile contributed negatively to gross saving by 31.9%. The contribution of the highest quintile is particularly evident in the increase from 2005-06 to 2007-08, where households in the highest income quintile increased gross saving by 38.4%. By comparison, the lowest income quintile contributed negatively to the increase in gross saving for 5 out of the 7 periods analysed, only showing positive contributions of 2.3% in 2007-08 to 2009-10 and 0.2% in 2013-14 to 2015-16.

(II) Equivalised net worth quintiles

Contribution of net worth quintiles to gross saving growth

GRAPH 3.27A: PERCENTAGE GROWTH OF GROSS SAVING, equivalised household net worth quintile, 2003-04 onwards
GRAPH 3.27A shows PERCENTAGE GROWTH OF GROSS SAVING, equivalised household net worth quintile, 2003-04 onwards

GRAPH 3.27B: PERCENTAGE GROWTH OF GROSS SAVING, equivalised household net worth quintile, 2003-04 to 2017-18
GRAPH 3.27B shows PERCENTAGE GROWTH OF GROSS SAVING, equivalised household net worth quintile, 2003-04 to 2017-18


Graph 3.27, shows that households in the second net worth quintile showed the largest increase, 59.3% of the 192.3% total household increase in gross saving from 2003-04 to 2017-18. All quintiles showed a negative contribution to gross saving in the periods analysed, with the second net worth quintile showing a negative contribution of 4.2% between 2013-14 to 2015-16, and the fourth net worth quintile showing the largest negative contribution between 2015-16 to 2017-18 of 5.7%. Most of the household quintiles have shown a trend downwards in gross saving growth since 2007-08, however the highest quintile displayed their significant decline from 2009-10 showing a growth rate of 3.1% in 2009-10 to 2011-12 from a growth rate of 25.8% in 2007-08 to 2009-10, and has been showing a negative contribution since 2013-14 onwards.


(III) Main Source of Income

Contribution of main source of income to gross saving growth

GRAPH 3.28A: PERCENTAGE GROWTH OF GROSS SAVING (a), main source of income, 2003-04 onwards

GRAPH 3.28A shows PERCENTAGE GROWTH OF GROSS SAVING, main source of income, 2003-04 onwards

GRAPH 3.28B: PERCENTAGE GROWTH OF GROSS SAVING (a), main source of income, 2003-04 to 2017-18
GRAPH 3.28B shows PERCENTAGE GROWTH OF GROSS SAVING, main source of income, 2003-04 to 2017-18


Graph 3.28 shows that households with main source of income (MSI) wages and salaries showed the largest increase (133.4%) of the 192.3% total household increase in gross saving from 2003-04 to 2017-18. The contribution of households MSI wages and salaries is particularly evident in the increase from 2005-06 to 2007-08, period prior to the Global Financial Crisis (GFC), where these households contributed 51.5% of the total 35.6% increase in household gross saving. The large contribution by MSI wages and salaries was offset by the remaining four MSI categories, namely, income from unincorporated business, property income and superannuation, government pensions and allowances, and other, detracting from gross saving between 2005-06 to 2007-08 of 4.2%, 0.9%, 9.6%, and 1.2% respectively. From 2015-16 to 2017-18, households with MSI wages and salaries detracted 5.5% and was the largest contributor to the total household gross saving detraction of 5.3%, the first total detraction in total household gross saving series for the time series. This detraction to gross savings by households with MSI wages and salaries was partially offset by positive contributions from MSI government pensions and allowances (2.0%) and MSI income from unincorporated businesses (1.4%).

(IV) Household Composition

Contribution of household composition to gross saving growth

GRAPH 3.29A: PERCENTAGE GROWTH OF GROSS SAVING, household composition, 2003-04 onwards
GRAPH 3.29A shows PERCENTAGE GROWTH OF GROSS SAVING, household composition, 2003-04 onwards


GRAPH 3.29B: PERCENTAGE GROWTH OF GROSS SAVING, household composition, 2003-04 to 2017-18
GRAPH 3.29B shows PERCENTAGE GROWTH OF GROSS SAVING, household composition, 2003-04 to 2017-18


Graph 3.29 shows that households with two adults with dependent children were the largest contributors to the 192.3% increase in total household gross saving from 2003-04 to 2017-18, contributing 76.3% to the total household growth. The contribution of households with two adults or more with dependent children is particularly evident in the increase to gross saving from 2007-08 to 2009-10, during the Global Financial Crisis (GFC), where they increased gross saving by 32.8% of the total 43.2% increase. Couple only households under 65 (52.8%) and other households (54.1%) were the next contributors to the 192.3% increase in total household gross saving from 2003-04 to 2017-18.

(V) Age of reference person

Contribution of age of reference person to gross saving growth

GRAPH 3.30A: PERCENTAGE GROWTH OF GROSS SAVING, age of reference person, 2003-04 onwards
GRAPH 3.30A shows PERCENTAGE GROWTH OF GROSS SAVING, age of reference person, 2003-04 onwards

GRAPH 3.30B: PERCENTAGE GROWTH OF GROSS SAVING, age of reference person, 2003-04 to 2017-18.
GRAPH 3.30B shows PERCENTAGE GROWTH OF GROSS SAVING, age of reference person, 2003-04 to 2017-18.


Graph 3.30 shows that households with reference person between 35-44 years showed the largest increase 73.3% of the 192.3% total household increase in gross saving from 2003-04 to 2017-18. Households with reference person between 45-54 years increased 46.0%, similarly households with reference person aged between 25-34 years increased gross saving 44.9%. Households with reference person 65 years and older negatively contributed to gross saving by 14.5%. Households with reference person 65 years and older showed a significant negative contribution of 9.9% in gross saving from 2015-16 to 2017-18, resulting in an overall detraction in total household gross saving of 5.3% in that period.


NET WORTH

Electronic table 9 shows from 2003-04 and 2017-18, ASNA net worth grew 152.0%. The increase was driven by an increase in residential land and dwellings assets (143.8% growth), currency and deposits (235.3% growth) and insurance technical reserves (245.0% growth); these were offset by loan liabilities (182.3% growth).

(I) Equivalised income quintiles

(a) Contribution of income quintiles to net worth growth

GRAPH 3.31A: PERCENTAGE GROWTH OF NET WORTH, by equivalised household income quintile, 2003-04 onwards
GRAPH 3.31A shows PERCENTAGE GROWTH OF NET WORTH, by equivalised household income quintile, 2003-04 onwards

GRAPH 3.31B: PERCENTAGE GROWTH OF NET WORTH, by equivalised household income quintile, 2003-04 to 2017-18
GRAPH 3.31B shows PERCENTAGE GROWTH OF NET WORTH, by equivalised household income quintile, 2003-04 to 2017-18


Graph 3.31 shows that households in the highest income quintile showed the largest increase, 69.6% of the of 152.0% growth in net worth from 2003-04 to 2017-18.

Electronic table 9 shows between 2003-04 and 2017-18, the highest quintile was responsible for majority of the balance sheet components that increased net worth by 152.0%.

(b) Household material living standards - per household by income quintile

GRAPH 3.32A: PERCENTAGE GROWTH PER HOUSEHOLD, net worth by equivalised household income quintile, 2003-04 onwards
GRAPH 3.32A shows PERCENTAGE GROWTH PER HOUSEHOLD, net worth by equivalised household income quintile, 2003-04 onwards

GRAPH 3.32B: PERCENTAGE GROWTH PER HOUSEHOLD, net worth by equivalised household income quintile, 2003-04 to 2017-18
GRAPH 3.32B shows PERCENTAGE GROWTH PER HOUSEHOLD, net worth by equivalised household income quintile, 2003-04 to 2017-18


Graph 3.32 indicates an increase of 116.1% for the average of all households of net worth from 2003-04 to 2017-18, with the third and highest income quintiles growing above the average of all households, the fourth quintile just above the average, with an increase of 116.4%. The lowest and second quintiles were below the average growth of net worth per household, at 103.3% and 75.1% respectively.

Electronic tables 3, 4 and 10 illustrate that from 2003-04 to 2017-18, the average residential dwelling and land for all households increased from $356,961 per household to $746,306 per household, a growth of 109.1%. For households in the highest income quintile, residential dwelling and land per household increased from $638,088 per household in 2003-04 to $1,498,561 per household in 2017-18, a growth of 134.9%, which was above the average for all households. For highest income quintile, the residential dwelling and land was 1.79 times the average of all households in 2003-04 and by 2017-18 the ratio had increased to 2.01.

TABLE 3.16: CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN NET WORTH PER HOUSEHOLD, by equivalised household income quintile, 2003-04 to 2017-18, per cent

Balance sheet
Lowest
Second
Third
Fourth
Highest
All households

Net worth
103.3
75.1
121.9
116.4
130.2
116.1
Residential dwelling and land
80.4
51.6
83.0
76.3
80.0
75.8
Currency and deposits
15.2
12.6
16.7
14.9
14.6
14.8
Insurance technical reserves
28.5
22.2
40.4
43.1
50.7
41.7
Loans and placements
-32.4
-17.3
-26.7
-27.9
-29.6
-27.3


Table 3.16 shows that for all households, the largest contributor to growth in average net worth per household was residential dwelling and land, at 75.8%. Residential dwelling and land was the largest contributor for all income quintiles. Insurance technical reserves was the next largest contributor to growth in net worth per household for all income quintiles. Loan borrowings detracted from the average growth of net worth of all households by 27.3%, in particular for the lowest income quintile where it detracted 32.4% from the growth of net worth per household.

(II) Equivalised household net worth quintiles

(a) Contribution of net worth quintiles to net worth growth

GRAPH 3.33A: PERCENTAGE GROWTH OF NET WORTH, by equivalised household net worth quintile, 2003-04 onwards
GRAPH 3.33A shows PERCENTAGE GROWTH OF NET WORTH, by equivalised household net worth quintile, 2003-04 onwards

GRAPH 3.33B: PERCENTAGE GROWTH OF NET WORTH, by equivalised household net worth quintile, 2003-04 to 2017-18
GRAPH 3.33B shows PERCENTAGE GROWTH OF NET WORTH, by equivalised household net worth quintile, 2003-04 to 2017-18



Graph 3.33 shows that households in the highest net worth quintile showed the largest increase, 93.8% of the of 152.0% growth in total households net worth from 2003-04 to 2017-18, nearly two thirds of the overall increase. Similar patterns were observed for the contribution by the highest net worth quintile for the analysed periods from 2003-04 onwards.

Electronic table 9 shows between 2003-04 and 2017-18, the highest net worth quintile was responsible for majority of the balance sheet components that increased net worth 152.0%. From 2003-04 to 2017-18, insurance technical reserve (ITR), which is the largest financial asset, grew by 245.0%. A significant proportion of the growth occurred from 2003-04 to 2005-06 increasing 36.9% and during the GFC period, 2007-08 to 2009-10 ITR increased 8.0%.

(b) Household material living standards - per household by net worth quintile

GRAPH 3.34: PERCENTAGE GROWTH PER HOUSEHOLD, net worth by equivalised household net worth quintile, 2003-04 to 2017-18
GRAPH 3.34 shows PERCENTAGE GROWTH PER HOUSEHOLD, net worth by equivalised household net worth quintile, 2003-04 to 2017-18


Graph 3.34 indicates an increase of 116.1% for the average of all households of net worth from 2003-04 to 2017-18, with the lowest and highest net worth quintiles growing above the average of all households, at 186.4% and 118.0% respectively.

Electronic tables 3, 4 and 10 illustrate that from 2003-04 to 2017-18, the average ITR for all households increased from $109,340 per household to $323,496 per household, a growth of 195.9%. For households in the lowest net worth quintile, ITR per household increased from $11,943 per household in 2003-04 to $36,247 per household in 2017-18, a growth of 203.5%, which was above the average growth of all households. For the lowest net worth quintile, the ITR in 2003-04 and 2017-18 was 0.11 times the average of all households.

TABLE 3.17: CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN NET WORTH PER HOUSEHOLD, by equivalised household net worth, 2003-04 to 2017-18, per cent

Balance sheet
Lowest
Second
Third
Fourth
Highest
All households

Net worth
186.4
111.1
115.0
108.8
118.0
116.1
Residential dwelling and land
219.0
127.2
108.2
81.9
61.4
75.8
Currency and deposits
116.3
22.6
13.5
14.1
13.9
14.8
Insurance technical reserves
250.5
70.0
40.0
32.3
41.5
41.7
Loans and placements
-425.2
-114.3
-51.8
-24.6
-13.7
-27.3


Table 3.17 shows that for all households, the largest contributor to growth in average net worth per household was residential dwelling and land at 75.8%; it was the largest contributor for most net worth quintiles, apart from the lowest net worth quintile where ITR was the largest contributor to growth in net worth per household, at 250.5%. ITR was the second largest contributor to net worth per household for all net worth quintiles apart from the lowest quintile, where residential dwelling and land was the second largest contributor, at 219.0%.

(III) Main source of Income

(a) Contribution of main source of income to net worth growth

GRAPH 3.35: PERCENTAGE GROWTH OF NET WORTH (a), by main source of income, 2003-04 to 2017-18
GRAPH 3.35 shows PERCENTAGE GROWTH OF NET WORTH, by main source of income, 2003-04 to 2017-18


Graph 3.35, shows that households with main source of income (MSI) wages and salaries showed the largest increase, 83.3% of the 152.0% growth in net worth from 2003-04 to 2017-18, followed by households with MSI property income and superannuation, with 33.7% of the increase.

Electronic table 9 shows between 2003-04 and 2017-18, households with MSI wages and salaries was responsible for majority of the balance sheet components that increased net worth 152.0%. From 2003-04 to 2017-18, currency and deposit assets grew by 235.3%, with most of the growth occurring in the earlier periods analysed.

(b) Household material living standards - per household by main source of income

GRAPH 3.36: PERCENTAGE GROWTH PER HOUSEHOLD (a), net worth by main source of income, 2003-04 to 2017-18
GRAPH 3.36 shows PERCENTAGE GROWTH PER HOUSEHOLD, net worth by main source of income, 2003-04 to 2017-18


Graph 3.36 indicates an increase of 116.1% for the average of all households of net worth from 2003-04 to 2017-18, with households with MSI income from unincorporated business, property income and superannuation, and other, growing their net worth per household above the average of all households, 159.9%, 183.1% and 173.5% respectively.

TABLE 3.18: CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN NET WORTH PER HOUSEHOLD, by main source of income, 2003-04 to 2017-18, per cent

Balance sheet
Wages
Income from
Property
Government
Other
All
and salaries
unincorporated
income and
pensions and
households
business
superannuation
allowances

Net worth
104.8
159.9
183.1
78.1
173.5
116.1
Residential dwelling and land
79.6
107.3
69.3
51.8
151.3
75.8
Currency and deposits
12.8
14.9
25.8
14.1
36.8
14.8
Insurance technical reserves
43.5
24.5
74.4
13.6
27.3
41.7
Loans and placements
-38.7
-19.2
-8.5
-4.7
-57.5
-27.3


Table 3.18 shows that for all households, the largest contributor to growth in average net worth per household was residential dwelling and land at 75.8%. It was the largest contributor for most MSI household groups (ranging from 51.8% to 151.3%) apart from households with MSI property income and superannuation where insurance technical reserve (ITR) was the largest contributor to growth in net worth per household, at 74.4%. Loan borrowings detracted from the average growth of net worth of all households by 27.3%, and in particular households with MSI wages and salaries where it detracted 38.7% from the growth of net worth per household, leaving these households with a growth in net worth per household of 104.8%, below the average for all households of 116.1%.

(IV) Household Composition

(a) Contribution of household composition to net worth growth

GRAPH 3.37: PERCENTAGE GROWTH OF NET WORTH, by household composition, 2003-04 to 2017-18
GRAPH 3.37 shows PERCENTAGE GROWTH OF NET WORTH, by household composition, 2003-04 to 2017-18


Graph 3.37 shows that households containing two adults or more with dependent children showed the largest increase 44.3% of the of 152.0% growth in net worth from 2003-04 to 2017-18, followed by couple only households with reference person 65 years and over, 29.2% of the increase, and other households, 28.7% of the increase. One parent households with dependent children contributed only 3.5% to the increase in net worth.

Electronic table 9 shows between 2003-04 and 2017-18, households containing two adults or more with dependent children were responsible for majority of the balance sheet components that increased net worth 152.0%. From 2003-04 to 2017-18, loan borrowing grew by 182.3%, majority of this increase occurred prior to the GFC (2003-04 to 2007-08). The largest contributions to the increase in loan borrowing was from households containing two adults or more with dependent children (92.5%) and households with couple only with reference person under 65 years (36.3%).

(b) Household material living standards - per household by household composition

GRAPH 3.38: PERCENTAGE GROWTH PER HOUSEHOLD, net worth by household composition, 2003-04 to 2017-18
GRAPH 3.38 shows PERCENTAGE GROWTH PER HOUSEHOLD, net worth by household composition, 2003-04 to 2017-18


Graph 3.38 indicates an increase of 116.1% for the average of all households of net worth from 2003-04 to 2017-18, with most household groups growing above the average net worth for all households, with the exception of households containing lone persons over 65 years (73.0%), and couple only households with reference person under 65 years (70.7%).

TABLE 3.19: CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN NET WORTH PER HOUSEHOLD, by household composition, 2003-04 to 2017-18, per cent

Balance sheet
Lone
Lone
One
Couple only
Couple only
Two adults
Other
All
person
person
parent with
with reference
with reference
or more with
households
under
over
dependent
person under
person over
dependent
65 years
65 years
children
65 years
65 years
children

Net worth
126.9
73.0
209.5
70.7
162.7
125.1
134.0
116.1
Residential dwelling and land
76.8
43.3
166.8
47.0
72.9
106.0
76.8
75.8
Currency and deposits
18.3
15.6
40.3
9.8
17.8
10.9
19.7
14.8
Insurance technical reserves
45.1
20.4
60.0
35.3
61.0
43.8
41.7
41.7
Loans and placements
-29.0
-1.0
-73.0
-24.5
-6.4
-51.1
-23.0
-27.3


Table 3.19 shows that for all households, the largest contributor to growth in average net worth per household was residential dwelling and land at 75.8%; was the largest contributor for all household compositional groups (ranging from 43.3% to 166.8%). ITR was the second largest contributor to growth for all household groups. Loan borrowings detracted from the average growth of net worth of all households by 27.3%, and in particular households with one parent with dependent children where it detracted 73.0% from the growth of net worth per household, leaving these households with a growth in net worth per household of 209.5%, this is above the average for all households of 116.1%.

(V) Age of reference person

(a) Contribution of age of reference person to net worth growth

GRAPH 3.39A: PERCENTAGE GROWTH OF NET WORTH, by age of reference person, 2003-04 onwards
GRAPH 3.39A shows PERCENTAGE GROWTH OF NET WORTH, by age of reference person, 2003-04 onwards

GRAPH 3.39B: PERCENTAGE GROWTH OF NET WORTH, by age of reference person, 2003-04-2017-18
GRAPH 3.39B shows PERCENTAGE GROWTH OF NET WORTH, by age of reference person, 2003-04-2017-18


Graph 3.39 shows that households where the reference person was over 65 years showed the largest increase (52.4%) of the 152.0% growth in net worth from 2003-04 to 2017-18, followed closely by households where the reference person is between 55-64 years, increasing 44.0% to the overall growth. The graph indicates that older the household reference person, greater the contribution to the growth in net worth.

Electronic table 9 shows between 2003-04 and 2017-18, households where the reference person was older than 65 years were responsible for majority of the asset components that increased net worth by 152.0%; households with reference person between 55-64 years were the second largest contributor to the asset components that increased net worth. Households with reference person older than 65 contributed significantly less to loan borrowing growth when compared to households with reference person between 55-64 years, and therefore showed the greater contribution to the increase in net worth.

(b) Household material living standards - per household by age of reference person

GRAPH 3.40: PERCENTAGE GROWTH PER HOUSEHOLD, net worth by age of reference person, 2003-04 to 2017-18
GRAPH 3.40 shows PERCENTAGE GROWTH PER HOUSEHOLD, net worth by age of reference person, 2003-04 to 2017-18


Graph 3.40 indicates an increase of 116.1% for the average of all households of net worth from 2003-04 to 2017-18. Most household groups grew below the average net worth for all households; however the exception was households with age of reference person over 65 years, where the net worth per household grew at 139.1%.

TABLE 3.20: CONTRIBUTION BY MAJOR COMPONENT TO THE GROWTH IN NET WORTH PER HOUSEHOLD, by age of reference person, 2003-04 to 2017-18, per cent

Balance sheet
15-24 years
25-34 years
35-44 years
45-54 years
55-64 years
65 years and over
All households

Net worth
73.7
85.9
76.8
107.6
97.2
139.1
116.1
Residential dwelling and land
28.1
91.4
85.5
75.7
58.0
70.8
75.8
Currency and deposits
38.6
19.0
10.0
10.7
12.0
18.9
14.8
Insurance technical reserves
43.0
39.5
29.8
33.7
42.1
45.9
41.7
Loans and placements
-34.7
-76.3
-55.1
-33.5
-17.8
-5.7
-27.3


Table 3.20 shows that for all households, the largest contributor to growth in average net worth per household was residential dwelling and land at 75.8%. It was the largest contributor for most household reference person age groups (ranging from 58.0% to 91.4%). The only exception was for households with reference person between 15-24 years were residential dwelling and land was the second largest contributor at 28.1%. The largest contributor for households with reference person between 15-24 years was ITR assets, contributing 43.0% to net worth growth per household. Loan borrowings detracted from the average growth of net worth of all households by 27.3%, and in particular households with reference person between 25-34 years and reference person between 35-44 years, where it detracted 76.3% and 55.1% respectively from the growth of net worth per household.