6523.0 - Household Income and Wealth, Australia, 2017-18 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 12/07/2019   
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KEY FINDINGS

Table 1a - HOUSEHOLD INCOME ECONOMIC WELLBEING INDICATORS(a), Australia, 200708 to 201718

Year
Change
Economic Indicators Income
2007–08 to 2017–18
2015–16 to 2017–18
2007–08
2015–16
2017–18
Difference
%
Difference
%

Gini coefficient for equivalised disposable household income(b)(c)
0.336
0.323
0.328
-0.008
-2.4
0.005
1.5
Gini coefficient for gross household income(c)
0.438
0.434
0.439
0.001
0.2
0.005
1.2
Mean weekly equivalised disposable household income(b)
$1,018
$1,046
$1,062
(d)$44
4.3
$16
1.5
Mean weekly gross household income
$2,061
$2,187
$2,242
(d)$181
8.8
$55
2.5
Median weekly equivalised disposable household income(b)
$860
$885
$899
(d)$39
4.5
$14
1.6
Median weekly gross household income
$1,607
$1,676
$1,701
(d)$94
5.8
$25
1.5

(a) In 2017–18 dollars, adjusted using changes in the Consumer Price Index
(b) Equivalised Disposable Household Income estimates are adjusted by equivalence factors to standardise them for variations in household size and composition, while taking into account the economies of scale that arise from the sharing of dwellings
(c) The Gini coefficient is the internationally accepted summary measure of inequality. Gini coefficient values range between 0 and 1. Values closer to 0 represent higher equality and values closer to 1 represent higher inequality
(d) The difference between periods is statistically significant

Table 1b - HOUSEHOLD WEALTH ECONOMIC WELLBEING INDICATORS(a), Australia, 200506(b) to 201718

Year
Change
Economic Indicators Wealth
2005–06 to 2017–18
2015–16 to 2017–18
2005–06(b)
2015–16
2017–18
Difference
%
Difference
%

Gini coefficient for household net worth(c)(d)
0.593
0.605
0.621
(g)0.028
4.7
0.016
2.6
Mean household net worth(c)
$748,900
$963,800
$1,022,200
(g)$273,300
36.5
$58,400
6.1
Median household net worth(c)
$452,100
$546,500
$558,900
(g)$106,800
23.6
$12,400
2.3
Mean total financial assets(e)
$275,900
$392,700
$427,700
(g)$151,800
55.0
$35,000
8.9
Mean total non-financial assets(f)
$596,000
$749,100
$778,800
(g)$182,800
30.7
$29,700
4.0
Mean total liabilities
$123,000
$174,900
$183,900
(g)$60,900
49.5
$9,000
5.2
Proportions of households with debt
72.2
73.6
72.8
0.6pts
..
0.8pts
..
Proportions of households with debt 3 or more times income
23.4
27.2
28.4
(g)5.0pts
..
1.2pts
..

.. not applicable
(a) In 2017–18 dollars, adjusted using changes in the Consumer Price Index
(b) Comprehensive wealth data was not collected in 2007–08, comparison to 2005–06 have been provided instead
(c) Household net worth is the value of all the assets owned by a household less the value of all its liabilities
(d) The Gini coefficient is the internationally accepted summary measure of inequality. Gini coefficient values range between 0 and 1. Values closer to 0 represent higher equality and values closer to 1 represent higher inequality
(e) Includes, for example, accounts held with financial institutions (including offset accounts), ownership of an incorporated business, shares, debentures and bonds, trusts, superannuation funds, and loans to other persons
(f) Includes, for example, residential and non-residential property, household contents and vehicles
(g) The difference between periods is statistically significant
  • In 201718, the average equivalised disposable household income was $1,062 per week. This was not significantly different from the average in 201516 ($1,046 per week), but was compared to a decade ago ($1,018 per week in 200708).
  • The average net worth for all Australian households in 201718 was $1.0 million, up slightly from $963,800 in 201516 (not significant), but an increase of 37% compared with 2005–06 ($748,900). Rising property values are the main contributor to this increase. Total average property values have increased to $680,900 in 201718 from $649,800 in 201516.
  • Close to three in four (73%) households were in debt in 201718. Of these households, 28% were servicing a total debt that was three or more times their annualised disposable income. Similar levels of debt were reported in 201516 (74% and 27% respectively).

Graph 1 - WEEKLY HOUSEHOLD INCOME, Australia, 199798 to 201718(a)(b)
Graph - Weekly household income in Australia from 1997-98 to 2017-18
Footnotes: (a) Survey of Income and Housing data was collected in labelled years (b) In 2017–18 dollars, adjusted using changes in the Consumer Price Index (c) In 2007–08 there was a change in income standards, see Explanatory Notes for more information (d) Equivalised disposable household income estimates are adjusted by equivalence factors to standardise them for variations in household size and composition, while taking into account the economies of scale that arise from the sharing of dwellings
Source: ABS Survey of Income and Housing, various years

Graph 2 - HOUSEHOLD NET WORTH, Australia, 200304 to 201718(a)
Graph - Household net worth in Australia from 2003-04 to 2017-18
Footnotes: (a) In 2017–18 dollars (b) Comprehensive wealth data was not collected in 2007–08
Source: ABS Survey of Income and Housing, various years