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HOUSEHOLD WEALTH AND DISTRIBUTION IN THE ACT
Wealth and Income
In Australia, mean household net worth varies between states and territories. During 2003-04, ACT households had assets with a mean value of $581,000. The corresponding mean value of household liabilities in the ACT was $76,000, resulting in mean household net worth of $505,000. The mean values for the ACT were higher than the corresponding mean values of Australia as a whole.
During 2003-04, the ACT had a median household net worth (see end note) of $400,000, the highest of all states and territories and 36% higher than the national median household net worth of $295,000.
Mean and median household net worth by state/territory, 2003-04
Within the ACT (and all other states excluding Victoria and Western Australia), the largest financial asset for households during 2003-04 was the value of accounts held with financial institutions. The mean value (see end note) of accounts held with financial institutions in the ACT during this period was the same as the national mean ($21,000).
Of all states and territories during 2003-04, ACT households had the largest mean value of superannuation assets ($91,500). The balance of accounts with government superannuation funds for ACT households had a mean value of $57,400, significantly higher than the national mean of $17,000, while the mean balance of accounts with non-government superannuation funds for ACT households was lower than that for Australia as a whole ($34,000 and $46,500 respectively).
During 2003-04, ACT households had higher than average property assets for both owner occupied dwellings and other property. In addition to higher property assets, ACT households also had higher value of contents of dwelling during this period. The mean value of contents of dwelling in the ACT during 2003-04 was $69,000 compared with the national mean of $47,000.
Property loans were the largest liability for ACT households during 2003-04. Property loans with principal outstanding for owner occupied dwellings were the largest liability for ACT households, with a mean value of $48,000 per household, slightly higher than the national mean ($40,000).
Outside of property loans, amounts owing on credit cards were the next greatest liability for ACT households during 2003-04 ($2,200). Debt outstanding on study loans in the ACT during 2003-04 had a mean value of $1,800 per household.
Further information can be obtained from Household Wealth and Wealth Distribution 2003-04 (cat. no. 6554.0).
Mean The total net worth of a group of units divided by the number of units in the group
Median net worth That level of net worth which divides the units in a group into two equal parts, one half having net worth above the median and the other half having net worth below the median.