CHAPTER 3 - TIME SERIES ANALYSIS

This chapter provides analysis of the time series (2003-04 to 2014-15) 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 reflecting the availability of the micro source data from ABS Survey of Income and Housing (SIH). This holds true for all time points except for the estimated 2014-15 year, where the change in data is an annual change from the 2013-14 year.


INCOME

Electronic table 9 shows from 2003-04 to 2014-15, ASNA household gross disposable income (GDI) grew 97.5%. The increase was driven by an increase of gross operating surplus (GOS) - dwellings owned by persons (123.8% growth); compensation of employees (88.8% growth); property income receivables (139.1% growth); and social assistance benefits (78.9% growth); these were offset by interest payable (87.3% growth) and income tax payable (77.2% growth).

(I) Equivalised income quintiles

(a) Contribution of income quintiles to income growth

Graph 3.1, shows that households in the highest income quintile showed the largest increase (40.8%) of the 97.5% growth in gross disposable income (GDI) from 2003-04 to 2014-15. The contribution of the highest quintile is particularly evident in the increase from 2009-10 to 2011-12, period just after the Global Financial Crisis (GFC), where households in the highest income quintile increased 5.8%, almost half of the total 13.7% increase in GDI and more than twice the contribution of the nearest groups, the third 2.8% and fourth income quintile 2.8%.

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 97.5% between 2003-04 and 2014-15. Whereas, quintile one and quintile two 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 3.2 indicates an increase of 67.2% for the average of all households of GDI from 2003-04 to 2014-15, with the highest quintile growing above the average of all households at 75.0%, all other quintiles grew at or above 58.0% but below the average for all households. The third and highest quintiles were impacted heavily by the GFC, their GDI per household grew 16.0% and 20.6% respectively in 2005-06 to 2007-08 and by 2007-08 to 2009-10 (during the GFC) , growth of GDI per household was 5.5% and 7.2% respectively. The lowest quintile showed a negative in growth of GDI per household from 2013-14 to 2014-15, at - 1.1% growth.

Electronic tables 3, 4 and 10 illustrate that from 2003-04 to 2014-15, the average COE for all households increased from $51,822 per household to $82,815 per household, a growth of 59.8%. For households in the highest quintile, COE per household increased from $117,884 per household in 2003-04 to $192,648 per household in 2014-15, a growth of 63.4%. In 2003-04 for the highest quintile, the COE was 2.27 times the average of all households; by 2014-15 the COE ratio was 2.33.

Income	Lowest	Second	Third	Fourth	Highest	All households
Gross disposable income	58.0	64.8	62.8	61.1	75.0	67.2
GOS - dwellings owned by persons	8.1	13.8	10.1	7.8	9.4	9.6
Gross mixed income	-0.2	1.5	2.6	2.0	13.9	6.5
Compensation of employees	18.3	28.4	39.9	49.4	57.1	45.7
Property income receivable	8.0	6.8	10.0	11.1	18.7	13.0
Social assistance benefits	26.8	18.3	7.5	3.0	1.0	6.9
Interest payable	-3.5	-0.7	-1.8	-3.6	-6.7	-4.1
Income tax payable	-0.6	-2.6	-4.9	-8.0	-17.4	-9.8

Table 3.1 shows that for all households, the largest contributor to growth in GDI per household was COE, at 45.7%, this was reflected in all quintiles except quintile one, where the largest contributor to growth in GDI per household was social assistance benefits, at 26.8%, followed by COE at 18.3%. Income tax payable had a significant impact in reducing GDI per household in the highest quintile, where it reduced GDI by 17.4% per household.

(II) Equivalised household net worth quintiles

(a) Contribution of net worth quintiles to income growth

Graph 3.3 shows that households in the highest net worth quintile showed the largest increase (32.3%) of the 97.5% growth in gross disposable income (GDI) from 2003-04 to 2014-15, followed by the second quintile, an increase of 18.4%, and the fourth quintile, an increase of 16.8%. The difference in contribution between the highest quintile and the lower quintiles for GDI (and some of the components) wasn’t nearly as pronounced as it was with the equivalised income quintiles.

Electronic table 9 shows that for superannuation benefits received, the contribution by the highest quintile was 112.9% to the total increase of 143.3% from 2003-04 to 2014-15. By comparison, the lowest and second quintile contributed 2.5% and 1.1% respectively.

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

Graph 3.4 indicates an increase of 67.2% for the average of all households of GDI from 2003-04 to 2014-15, with the third and fourth quintile growing below the average of all households at 57.9% and 54.1% respectively.

Electronic table 3, 4 and 10 illustrate that from 2003-04 to 2014-15, the average social assistance benefits for all households increased from $9,129 per household to $13,827 per household, a growth of 51.5%. For households in quintile one, social assistance benefits per household increased from $13,264 per household in 2003-04 to $19,773 per household in 2014-15, a growth of 49.1%, which is just below the average growth of all households. For quintile one, the social assistance benefits in 2003-04 was 1.45 times the average of all households but by 2014-15 the social assistance benefits ratio was 1.43.

Income	Lowest	Second	Third	Fourth	Highest	All households
Gross disposable income	70.6	70.0	57.9	54.1	79.5	67.2
GOS - dwellings owned by persons	6.2	6.2	7.0	7.4	16.7	9.6
Gross mixed income	12.3	3.6	2.8	-0.9	13.6	6.5
Compensation of employees	42.0	62.3	43.3	39.8	42.4	45.7
Property income receivable	3.1	4.8	5.8	9.7	29.7	13.0
Social assistance benefits	16.5	5.9	8.0	7.8	2.2	6.9
Interest payable	-2.8	-2.2	-3.0	-3.8	-6.8	-4.1
Income tax payable	-5.6	-10.0	-5.5	-5.4	-17.5	-9.8

Table 3.2 shows that for all households, the largest contributor to growth in GDI per household was compensation of employees, at 45.7%; 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 29.7% and 9.7%, respectively. GOS - dwelling owned by person was a significant contributor for GDI per household for the highest quintile, at 16.7%, all other quintiles contributed half the amount of the highest quintile, ranging from 6 to 7% contribution to GDI per household.

(III) Main Source of Income

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

Graph 3.5, illustrates that households with wages and salaries as their main source of income (MSI) showed the largest increase, at 68.9% of the 97.5% growth in gross disposable income (GDI) from 2003-04 to 2014-15, followed by MSI property income and superannuation, increasing 9.7%, and MSI government pensions and allowances, increasing 9.4%.

Electronic table 9 show that households with MSI wages and salaries were mainly responsible for nearly all income components that increased GDI by 97.5% between 2003-04 and 2014-15. The only exceptions was gross mixed income (GMI), where MSI income from unincorporated business was the largest contributor, 47.5%, and social assistance benefits, where MSI government pensions and allowances were the largest contributor, 43.6%.

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

Graph 3.6 indicates an increase of 67.2% for the average of all households of GDI from 2003-04 to 2014-15, with MSI income from unincorporated business, MSI property income and superannuation and MSI government pensions and allowances growing above the average of all households at 83.9%, 93.5% and 68.2% respectively.

Income	Wages and salaries	Income from unincorporated business	Property income and superannuation	Government pensions and allowances	Other	All households
Gross disposable income	57.2	83.9	93.5	68.2	54.2	67.2
GOS - dwellings owned by persons	5.4	16.1	25.6	18.6	22.1	9.6
Gross mixed income	1.1	59.6	16.5	-0.9	4.8	6.5
Compensation of employees	52.7	4.8	9.2	3.3	3.7	45.7
Property income receivable	9.4	12.1	54.3	5.4	10.4	13.0
Social assistance benefits	3.1	4.9	3.6	42.1	15.1	6.9
Interest payable	-4.0	-7.6	-2.1	-0.4	-5.9	-4.1
Income tax payable	-10.0	-5.7	-12.3	0.8	-2.9	-9.8

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 52.7%; for MSI Income from unincorporated business, it was GMI at 59.6%; for MSI property income and superannuation, it was property income receivable at 54.3%; and for MSI government pension and allowance, it was social assistance and benefits at 42.1%.

(IV) Household composition

(a) Contribution of household composition to income growth

Graph 3.7, shows that households containing two adults or more with dependent children showed the largest increase, 34.1% of the of 97.5% growth in gross disposable income (GDI) from 2003-04 to 2014-15, followed by other households contributing 20.7% of the increase, and households with couple only with reference person under 65 years contributing 17.3%.

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

Graph 3.8 indicates an increase of 67.2% for the average of all households of GDI from 2003-04 to 2014-15. For four out of the seven household groups, GDI per household grew above the average for all households. The exceptions were other households, where GDI per household grew 62.0%, couples only households with reference person under 65, where GDI per household grew 58.7% and lone person households under 65 years, where GDI per household grew 57.1%.

Electronic tables 3, 4 and 10 illustrate that for households with one parent and dependent children, social assistance benefits per household increased from $18,728 per household in 2003-04 to $28,281 per household in 2014-15, a growth of 51%, just below the average for all households. For households with one parent and dependent children, in 2003-04 social assistance benefits was 2.05 times the average of all households, by 2014-15 the ratio had remained the same at 2.05.

Income	Lone person under 65 years	Lone person over 65 years	One parent with dependent children	Couple only with reference person under 65 years	Couple only with reference person over 65 years	Two adults or more with dependent children	Other	All households
Gross disposable income	57.1	69.5	82.5	58.7	93.4	67.9	62.0	67.2
GOS - dwellings owned by persons	8.9	13.4	9.9	5.8	24.2	9.8	7.4	9.6
Gross mixed income	5.5	-1.5	19.2	0.4	13.7	6.9	8.7	6.5
Compensation of employees	37.1	6.4	35.5	55.0	17.0	56.1	36.5	45.7
Property income receivable	10.3	17.4	10.8	13.2	30.9	10.9	11.0	13.0
Social assistance benefits	3.9	35.4	18.3	-0.6	19.7	4.7	7.1	6.9
Interest payable	-2.7	-0.1	-2.5	-4.6	-3.0	-6.1	-1.8	-4.1
Income tax payable	-5.8	0.2	-8.4	-9.7	-7.8	-14.0	-6.1	-9.8

Table 3.4 shows from 2003-04 to 2014-15, for all households, the largest contributor to growth in GDI per household was compensation of employees, at 45.7%. 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 35.4% and couple only households with reference person over 65 years where property income receivable was the largest contributor at 30.9%.

(V) Age of Reference Person

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

Graph 3.9 shows that households with age of reference person between 55-64 years showed the largest increase, 23.3% of the of 97.5% growth in gross disposable income (GDI) from 2003-04 to 2014-15, while households with age reference person between 15-24 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 97.5% between 2003-04 and 2014-15, 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 reference person between 45-54 years; for property income receivable, the main contributor to the increase was households with reference person between 55-64 years.

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

Graph 3.10 indicates an increase of 67.2% for the average of all households of GDI from 2003-04 to 2014-15. 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 83.1% and 93.1% respectively.

For income tax payable, electronic tables 3, 4 and 10 illustrate that, from 2003-04 to 2014-15, the average income tax payable for all households increased from $13,312 per household to $19,968 per household, a growth of 50%. For households with age of reference person between 45-54 years, income tax payable per household increased from $19,235 per household in 2003-04 to $29,150 per household in 2014-15, a growth of 51.5%, which is above the average growth of all households. For households with age of reference person between 45-54 years, income tax payable in 2003-04 was 1.44 times the average of all households; by 2014-15 the ratio had increased to 1.46.

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	43.6	56.0	61.7	64.0	83.1	93.1	67.2
GOS - dwellings owned by persons	4.9	3.9	7.7	8.8	11.8	20.5	9.6
Gross mixed income	4.3	-0.4	8.9	12.7	2.1	5.9	6.5
Compensation of employees	24.4	53.6	52.9	45.7	65.3	23.1	45.7
Property income receivable	2.5	3.8	7.7	12.0	20.4	25.6	13.0
Social assistance benefits	5.6	4.7	3.5	3.0	2.3	28.4	6.9
Interest payable	-0.8	-1.8	-4.5	-5.4	-6.4	-3.0	-4.1
Income tax payable	-0.1	-7.4	-13.5	-12.5	-11.7	-5.6	-9.8

Table 3.5 shows from 2003-04 to 2014-15, 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 social assistance benefits, at 28.4%. The largest detractor for all household groups was income tax payable, except for those in the 15-24 year age bracket, where interest payable was the largest detractor at 0.8%.


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 2014-15.

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 2014-15 for each step is graphically presented to measure the change in material living standards for household groups.

(I) Equivalised income quintiles

	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	1.70	1.00
Ratio to all households average: 2014-15
GDI (before tax and social assistance benefits)	0.16	0.46	0.82	1.23	2.38	1.00
GDI (after tax and before social assistance benefits)	0.19	0.50	0.86	1.24	2.27	1.00
GDI (after tax and social assistance benefits)	0.36	0.64	0.87	1.15	2.02	1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))	0.51	0.75	0.90	1.09	1.78	1.00

For 2003-4 and 2014-15, 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 quintile 4, which moved away from the average GDI per household after step 2 (after income tax) and by step 3 and step 4 moved closer to the average GDI per household.
The graph above shows the change, from 2003-04 to 2014-15, in GDI per household, following each of the four redistribution steps.

(II) Equivalised net worth quintiles

	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))	0.67	0.97	1.01	1.04	1.34	1.00
Ratio to all households average: 2014-15
GDI (before tax and social assistance benefits)	0.47	0.96	0.95	0.97	1.70	1.00
GDI (after tax and before social assistance benefits)	0.48	0.95	0.94	0.97	1.70	1.00
GDI (after tax and social assistance benefits)	0.59	0.94	0.96	0.97	1.56	1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))	0.69	0.96	0.98	0.97	1.43	1.00

For 2003-04 and 2014-15, households in the lowest net worth quintile, the ratios to the average of all households increased with each step. In 2003-04 and 2014-15 the highest quintile decreased with each step with the exception of step 2, where it moved away (2003-04) and stayed the same as step 1 (2014-15) from the average GDI per household, before moving closer to the average GDI per household in step 3 and 4.

The graph above shows the change, from 2003-04 to 2014-15, in GDI per household, following each of the four redistribution steps.

(III) Main Source of Income

	Wages and salaries	Income from unincorporated business	Property income and superannuation	Government pensions and allowances	Other	All households
Ratio to all households average: 2003-04
GDI (before tax and social assistance benefits)	1.40	1.20	0.94	0.13	0.32	1.00
GDI (after tax and before social assistance benefits)	1.37	1.23	1.02	0.15	0.34	1.00
GDI (after tax and social assistance benefits)	1.25	1.14	0.95	0.46	0.44	1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))	1.19	1.09	0.90	0.61	0.58	1.00
Ratio to all households average: 2014-15
GDI (before tax and social assistance benefits)	1.30	1.27	1.11	0.14	0.30	1.00
GDI (after tax and before social assistance benefits)	1.27	1.34	1.18	0.17	0.32	1.00
GDI (after tax and social assistance benefits)	1.18	1.25	1.10	0.46	0.41	1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))	1.13	1.19	1.03	0.63	0.59	1.00

For 2003-04 and 2014-15, households with MSI wages and salaries the ratios to the average of all household decreased with each step. Income from unincorporated businesses and 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 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 the government pensions and allowances.

The graph above shows the change, from 2003-04 to 2014-15, in GDI per household, following each of the four redistribution steps.

(IV) Household Composition

	Lone person under 65 years	Lone person over 65 years	One parent with dependent children	Couple only with reference person under 65 years	Couple only with reference person over 65 years	Two adults or more with dependent children	Other	All households
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	0.53	1.48	1.25	1.00
GDI (after tax and social assistance benefits)	0.61	0.39	0.67	1.19	0.73	1.40	1.24	1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))	0.57	0.45	0.82	1.07	0.83	1.43	1.18	1.00
Ratio to all households average: 2014-15
GDI (before tax and social assistance benefits)	0.63	0.24	0.48	1.29	0.58	1.47	1.21	1.00
GDI (after tax and before social assistance benefits)	0.63	0.28	0.50	1.28	0.65	1.42	1.23	1.00
GDI (after tax and social assistance benefits)	0.61	0.41	0.69	1.16	0.81	1.36	1.22	1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))	0.58	0.48	0.85	1.04	0.91	1.40	1.17	1.00

For 2003-04 and 2014-15, 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 households with lone person under 65 years; and couple only households with a reference person under 65 years, the ratios to the average of all households decreased with each step.

The graph above shows the change, from 2003-04 to 2014-15, in GDI per household, following each of the four redistribution steps.

(V) Age of Reference Person

	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	1.20	1.39	1.00	0.37	1.00
GDI (after tax and before social assistance benefits)	0.71	1.09	1.18	1.38	1.03	0.41	1.00
GDI (after tax and social assistance benefits)	0.72	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	1.01	1.16	1.25	0.98	0.66	1.00
Ratio to all households average: 2014-15
GDI (before tax and social assistance benefits)	0.67	1.06	1.19	1.35	1.12	0.45	1.00
GDI (after tax and before social assistance benefits)	0.69	1.03	1.14	1.32	1.16	0.51	1.00
GDI (after tax and social assistance benefits)	0.69	0.99	1.10	1.24	1.12	0.67	1.00
GDI (after tax, social assistance benefits and social transfers in kind (STiK))	0.70	0.95	1.12	1.21	1.06	0.75	1.00

For 2003-04 and 2014-15, households with age of reference person 65 years and over and households in the 15-24 years category, the ratios to the average of all households GDI increased with each step. For all other households the ratios to the average of all households decreased with each step, with the exception of households in the 35-44 year category, which increased the ratio to the average of all households at step 4; and households in 55-64 year category, which moved away from the average GDI per household in step 2, before moving closer to the average GDI per household in step 3 and 4.

The graph above shows the change, from 2003-04 to 2014-15, in GDI per household, following each of the four redistribution steps.


CONSUMPTION

Electronic table 9 shows from 2003-04 and 2014-15, ASNA household final consumption expenditure (HFCE) grew 79.9%; the increase was driven by an increase in food (75.0% growth); rent and dwelling services (120.0% growth); transport (58.6% growth) and recreation and culture (53.3% growth).

(I) Equivalised income quintiles

(a) Contribution of income quintiles to consumption growth

Graph 3.16, shows that households in the highest income quintile showed the largest increase (24.5%) of the of 79.9% growth in household final consumption expenditure (HFCE) from 2003-04 to 2014-15. The contribution by the lowest, second, third and fourth quintiles to the increase were 11.6%, 11.8%, 14.6% and 17.5% respectively.

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

Graph 3.17 indicates an increase of 52.3% for the average of all households of HFCE from 2003-04 to 2014-15, with the lowest income quintile growing above the average of all households at 68.4%. The second, third and fourth quintiles grew below the average for all households, while the highest quintile was just above the average at 54.4%.

Consumption	Lowest	Second	Third	Fourth	Highest	All households
Actual individual consumption	69.4	54.2	52.3	49.9	57.5	56.0
Food	6.0	4.4	3.8	4.1	3.4	4.2
Alcoholic beverages and tobacco	1.9	2.0	1.6	0.6	0.8	1.3
Rent and dwelling services	12.5	13.6	12.9	12.8	13.1	13.0
Health	3.7	5.9	2.0	2.9	0.9	2.8
Social transfer in kind - Health	9.4	8.9	6.5	5.2	4.3	6.5
Transport	4.4	2.0	3.6	2.6	4.1	3.4
Recreation and culture	3.8	1.8	1.8	2.0	4.5	2.8
Education services	1.4	0.2	1.4	2.0	2.2	1.5
Social transfer in kind - Education	7.3	5.1	4.3	2.8	2.6	4.1

Table 3.11 shows that, for all households, the largest contributor to growth between 2003-04 to 2014-15 in actual individual consumption (AIC) per household was rent and dwelling services at 13% growth. Rent and dwelling services was the largest contributor per household in all income quintile groups. Social transfers in kind - health at 6.5%, was the second largest contributor to growth in AIC per household except for the highest quintile where second largest contributor was recreation at 4.5% growth.

(II) Equivalised net worth quintiles

(a) Contribution of net worth quintiles to consumption growth

Graph 3.18, shows that households in the highest net worth quintile showed the largest increase, 22.3% of the of 79.9% growth in final household consumption expenditure (HFCE) from 2003-04 to 2014-15. The contribution by the lowest, second, third and fourth quintiles to the increase were 11.6%, 13.2%, 17.6% and 15.3% respectively.

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

Graph 3.19 indicates an increase of 52.3% for the average of all households of HFCE from 2003-04 to 2014-15, with the lowest, third and highest net worth quintiles growing above the average of all households at 54.3%, 58.2% and 57.9% respectively.

Consumption	Lowest	Second	Third	Fourth	Highest	All households
Actual individual consumption	58.7	47.6	61.3	50.9	61.0	56.0
Food	5.2	4.3	5.2	3.7	3.0	4.2
Alcoholic beverages and tobacco	2.6	1.7	1.2	0.7	0.6	1.3
Rent and dwelling services	10.1	11.1	13.7	13.5	15.5	13.0
Health	2.0	2.5	6.3	2.6	0.9	2.8
Social transfer in kind - Health	7.5	5.5	7.4	6.7	5.7	6.5
Transport	3.3	3.1	4.0	2.3	3.9	3.4
Recreation and culture	3.4	2.0	2.5	2.3	4.0	2.8
Education services	0.8	1.3	1.5	1.5	2.3	1.5
Social transfer in kind - Education	6.6	5.2	4.0	3.0	2.5	4.1

Table 3.12 shows that, for all households, the largest contributor to growth in actual individual consumption per household between 2003-04 and 2014-15 was rent and dwelling services at 13% growth. Rent and dwelling services was the largest contributor per household in all net worth quintile groups. By comparison, alcoholic beverages and tobacco consumption per household varied in growth between the net worth quintiles, it was 2.6%, 1.7%, 1.2%, 0.7% and 0.6% from the lowest to the highest income quintiles respectively.

(III) Main Source of Income

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

Graph 3.20, shows that households with main source of income (MSI), wages and salaries showed the largest increase, 58.9% of the of 79.9% growth in final household consumption expenditure (HFCE) from 2003-04 to 2014-15, and these households were 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 indicates an increase of 52.3% for the average of all households of HFCE from 2003-04 to 2014-15, households with MSI income from unincorporated business, and government pension and allowance growing above the average of all households at 53.5% and 61.6% respectively. The below average growth for households with MSI property income and superannuation was partly driven by a greater increase in the number of households in this category.

Consumption	Wages and salaries	Income from unincorporated business	Property income and superannuation	Government pensions and allowances	Other	All households
Actual individual consumption	52.0	56.4	40.7	67.2	57.5	56.0
Food	4.5	3.5	0.2	4.1	3.9	4.2
Alcoholic beverages and tobacco	1.4	0.1	-1.4	1.8	2.1	1.3
Rent and dwelling services	12.2	20.0	9.7	13.0	8.7	13.0
Health	2.4	1.2	-4.0	8.3	0.5	2.8
Social transfer in kind - Health	4.7	6.7	6.8	13.8	5.2	6.5
Transport	3.7	1.8	-0.8	3.1	-0.8	3.4
Recreation and culture	2.5	3.6	2.8	2.6	0.5	2.8
Education services	1.4	2.5	1.9	0.4	11.9	1.5
Social transfer in kind - Education	4.3	2.7	1.3	3.4	13.2	4.1

Table 3.13 shows that, for all households, the largest contributor to growth in actual individual consumption (AIC) per household between 2003-04 and 2014-15 was rent and dwelling services at 13% growth. Rent and dwelling services was the largest contributor in all household groups classified by MSI with the exception of MSI government pension and allowances and MSI other, with largest contributors to growth being social transfers in kind - health, 13.8% and social transfers in kind - education, 13.2% respectively.

(IV) Household Composition

(a) Contribution of household composition to consumption growth

Graph 3.22 shows that households with two adults or more with dependent children showed the largest increase, 27.2% of the of 79.9% growth in HFCE from 2003-04 to 2014-15, 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 indicates an increase of 52.3% for the average of all households of HFCE from 2003-04 to 2014-15. Households with couple only, reference person under 65, two adults or more with dependent children and lone person under 65 grew below the average of all households at 42.9%, 50.6% and 52.4% respectively.

Consumption	Lone person under 65 years	Lone person over 65 years	One parent with dependent children	Couple only with reference person under 65 years	Couple only with reference person over 65 years	Two adults or more with dependent children	Other	All households
Actual individual consumption	55.7	59.8	69.5	43.1	66.3	55.0	57.2	56.0
Food	3.9	3.6	6.0	3.8	3.0	4.6	3.7	4.2
Alcoholic beverages and tobacco	0.8	1.0	3.2	0.9	1.0	1.0	1.8	1.3
Rent and dwelling services	16.2	15.2	12.2	13.4	16.7	11.3	11.7	13.0
Health	2.2	2.0	4.3	1.4	3.2	2.1	5.6	2.8
Social transfer in kind - Health	5.0	13.0	6.0	3.5	13.5	5.3	6.9	6.5
Transport	5.3	0.8	4.1	2.5	2.0	3.5	3.5	3.4
Recreation and culture	3.5	1.4	3.8	3.4	4.8	2.2	2.2	2.8
Education services	1.4	0.4	1.2	1.1	0.2	2.7	0.6	1.5
Social transfer in kind - Education	1.3	0.3	13.0	0.7	0.1	8.0	1.6	4.1

Table 3.14 shows that, for all households, the largest contributor to growth in actual individual consumption (AIC) per household between 2003-04 and 2014-15 was rent and dwelling services at 13%. Rent and dwelling services was the largest contributor for all household groups classified by household composition with the exception of households with one parent with dependent children with social transfers in kind - education contributing 13% to AIC per household. The second largest contributor to the growth of AIC per household varied considerably between the household groups. For households with lone person under 65 years, it was transport (5.3% growth); households with a lone person over 65 years, households with couples over 65 years and other households, it was social transfers in kind - health (13%, 13.5% and 6.9% growth respectively); households with couples under 65 years, it was food (3.8% growth); and ; households with two adults or more with dependent children, it was social transfers in kind - education (8% growth).

(V) Age of reference person

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

Graph 3.24 shows that households with reference person between 55-64 years showed the largest increase, 20.5% of the of 79.9% growth in HFCE from 2003-04 to 2014-15. These households were followed closely by households with reference person aged between 45-54 years, increasing HFCE by 18.9% and by households with reference person aged 65 years and older, increasing HFCE by 16.5%.

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

Graph 3.25 indicates an increase of 52.3% for the average of all households of HFCE from 2003-04 to 2014-15. Households with reference person between 45-54 years, 55-64 years, and 65 years and over grew above the average of all households at 52.6%, 65.7% and 74.9% respectively.

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	45.6	43.3	47.1	56.7	65.3	77.8	56.0
Food	3.6	3.2	3.6	5.2	4.9	4.3	4.2
Alcoholic beverages and tobacco	2.2	0.4	1.3	1.8	1.1	1.6	1.3
Rent and dwelling services	8.5	11.6	11.0	12.6	15.1	17.1	13.0
Health	1.7	2.6	2.2	1.2	2.1	7.1	2.8
Social transfer in kind - Health	3.3	4.8	4.3	4.9	5.7	14.4	6.5
Transport	5.9	4.4	1.7	3.2	6.0	2.3	3.4
Recreation and culture	5.2	2.2	0.8	2.5	5.4	4.4	2.8
Education services	2.7	0.4	2.6	2.2	1.5	0.5	1.5
Social transfer in kind - Education	5.1	4.1	6.8	6.4	2.1	1.0	4.1

Table 3.15 shows that, for all households, the largest contributor to growth in actual individual consumption (AIC) per household between 2003-04 and 2014-15 was rent and dwelling services at 13% growth rent and dwelling services was the largest contributor in all household groups classified by age of reference. For households with reference person 65 years and older, AIC per household grew by 77.8%.The largest contributor to growth in AIC per household were; rent and dwelling services (17.1% growth) and social transfers in kind - health (14.4% growth). For households with reference person aged 15-24 and 55-64, the largest contributor to the AIC per household after rent and dwelling services was transport, contributing 5.9% and 6.0% respectively. For households in the 35-44 and 45-54 age of reference person category, the second largest contributor to AIC per household was social transfer in kind-Education, contributing 6.8% and 6.4% respectively.


GROSS SAVING

Electronic table 9 shows from 2003-04 to 2014-15, ASNA gross saving grew 238.6%. 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 44.3% and during 2007-08 to 2009-10 (during the GFC) gross saving grew 44.8%. The increase in gross saving has since slowed, increasing 25.1%, 4.3% and 4.0% from 2009-10 to 2011-12, 2011-12 to 2013-14 and 2013-14 to 2014-15 respectively.

(I) Equivalised income quintiles

Contribution of income quintiles to gross saving growth

Graph 3.26 shows that households in the highest income quintile showed the largest increase (172%) of the 238.6% total household increase in gross saving from 2003-04 to 2014-15. For the same period the lowest quintile decreased gross saving by 30%. 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 41.8%. By comparison, the lowest income quintile contributed negatively to the increase in gross saving for 5 out of the 6 periods analysed, only showing a positive increase of 2.9% of the total 44.8% increase to gross saving between 2007-08 to 2009-10.

(II) Equivalised net worth quintiles

Contribution of net worth quintiles to gross saving growth

Graph 3.27, shows that households in the highest net worth quintile showed the largest increase, 111.9% of the 238.6% total household increase in gross saving from 2003-04 to 2014-15. Four net worth quintiles contributed negatively to the increase in gross saving in the period analysed, the lowest net worth quintile showed a decrease in gross saving 3.9% in the period 2005-06 to 2007-08, and the third and fourth net worth quintiles showed decreases in gross savings of 4.3% and 8.6%, respectively in the period 2003-04 to 2005-06. Most of the household quintiles have shown a trend downwards in gross saving growth since 2007-08, illustrated by the highest quintile showing a growth rate of 1.5% in 2013-14 to 2014-15 from a growth rate of 23.7% in 2007-08 to 2009-10.

(III) Main Source of Income

Contribution of main source of income to gross saving growth

Graph 3.28 shows that households with main source of income (MSI) wages and salaries showed the largest increase (149.1%) of the 238.6% total household increase in gross saving from 2003-04 to 2014-15, while households with MSI government pensions and allowances, gross saving increased by only 0.3%. 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 increased gross saving by 58.9%, of the total 44.3% increase. The large contribution by MSI wages and salaries was due to households with MSI income from unincorporated business and MSI government pensions and allowances, contributing negatively to the increase in gross saving between 2005-06 to 2007-08, showing a decrease in gross saving of 3% and 9.2% respectively. From 2011-12 to 2014-15, households with MSI wages contributed negatively to gross saving by 6.6%.

(IV) Household Composition

Contribution of household composition to gross saving growth

Graph 3.29 shows that households with two adults or more with dependent children showed the largest increase 89% of the 238.6% total household increase in gross saving from 2003-04 to 2014-15, followed closely by couple only households under 65 years, increasing gross saving by 55.9%. 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 32.9% of the total 44.8% increase

(V) Age of reference person

Contribution of age of reference person to gross saving growth

Graph 3.30 shows that households with reference person between 35-44 years showed the largest increase 59.3% of the 238.6% total household increase in gross saving from 2003-04 to 2014-15. However most household groups contributed to the increase in gross saving almost equally, with households with reference person between 45-54 years increasing 54.2%. From 2003-04 to 2014-15, households with reference person aged between 25-34 years increased gross saving 47.9%, households with reference person aged between 55-64 years increased gross saving 45.8%, and households with reference person 65 years and older increased gross saving 27.6%. Households with reference person 65 years and older showed a significant decrease in gross saving from 2003-04 to 2005-06, by 11.7%.


NET WORTH

Electronic table 9 shows from 2003-04 and 2014-15, ASNA net worth grew 113.1%. The increase was driven by an increase in residential land and dwellings assets, (105.3% growth); currency and deposit assets (178.4% growth); and insurance technical reserves (191.8% growth); these were offset by loan liabilities (147.2% growth).

(I) Equivalised income quintiles

(a) Contribution of income quintiles to net worth growth

Graph 3.31 shows that households in the highest income quintile showed the largest increase, 51.4% of the of 113.1% growth in net worth from 2003-04 to 2014-15.

Electronic table 9 shows between 2003-04 and 2014-15, the highest quintile was responsible for majority of the balance sheet components that increased net worth by 113.1%. From 2003-04 to 2014-15, residential dwelling and land grew by 105.3%, there was steady growth around 16% for the two year periods analysed with the exception of 2009-10 to 2011-12 were the value of residential dwelling and land declined by 1.4%.

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

Graph 3.32 indicates an increase of 80.5% for the average of all households of net worth from 2003-04 to 2014-15, with the third and highest income quintiles growing above the average of all households, the fourth quintile just below the average, and the first and second quintiles were below the average growth of net worth per household, at 75.9% and 53% respectively.

Electronic tables 3, 4 and 10 illustrate that from 2003-04 to 2014-15, the average residential dwelling and land for all households increased from $334,400 per household to $581,258 per household, a growth of 73.8%. For households in the highest income quintile, residential dwelling and land per household increased from $597,758 per household in 2003-04 to $1,103,959 per household in 2014-15, a growth of 84.7%, 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 2014-15 the ratio had increased to 1.90.

Balance sheet	Lowest	Second	Third	Fourth	Highest	All households
Net worth	75.9	53.0	83.6	77.8	90.5	80.4
Residential dwelling and land	61.6	36.1	56.7	50.2	49.5	50.0
Currency and deposits	11.4	9.4	12.6	11.9	10.7	11.2
Insurance technical reserves	19.5	15.8	30.1	32.4	38.5	31.2
Loans and placements	-29.0	-13.1	-22.0	-23.4	-22.5	-21.9

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 50%. 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 and, for the highest quintile, it was nearly as large a contributor as residential dwelling and land at 38.5%. Loan borrowings detracted from the average growth of net worth of all households by 21.9%, in particular for the lowest income quintile where it detracted 29% 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 3.33 shows that households in the highest net worth quintile showed the largest increase, 72.5% of the of 113.1% growth in total households net worth from 2003-04 to 2014-15, 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 2014-15, the highest net worth quintile was responsible for majority of the balance sheet components that increased net worth 113.1%. From 2003-04 to 2014-15, insurance technical reserve (ITR), which is the largest financial asset grew by 191.8%. A significant proportion of the growth occurred from 2003-04 to 2005-06 increasing 35.4% and during the GFC period, 2007-08 to 2009-10 ITR increased 10.1%.

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

Graph 3.34 indicates an increase of 80.4% for the average of all households of net worth from 2003-04 to 2014-15, with the lowest and highest net worth quintiles growing above the average of all households, at 130.4% and 84.4% respectively.

Electronic tables 3, 4 and 10 illustrate that from 2003-04 to 2014-15, the average ITR for all households increased from $104,661 per household to $258,545 per household, a growth of 147%. For households in the lowest net worth quintile, ITR per household increased from $11,458 per household in 2003-04 to $27,302 per household in 2014-15, a growth of 138.3%, which was below the average growth of all households. For the lowest net worth quintile, the ITR in 2003-04 was 0.11 times the average of all households and by 2014-15 the ratio had remained the same at 0.11.

Balance sheet	Lowest	Second	Third	Fourth	Highest	All households
Net worth	130.4	69.1	77.1	69.6	84.4	80.4
Residential dwelling and land	150.5	104.8	77.1	52.4	38.5	50.0
Currency and deposits	106.9	19.4	10.0	11.2	10.1	11.2
Insurance technical reserves	197.3	53.9	30.1	22.4	31.6	31.2
Loans and placements	-344.2	-113.8	-42.8	-18.3	-10.2	-21.9

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 50%; 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 197.3%. 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 150.5%.

(III) Main source of Income

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

Graph 3.35, shows that households with main source of income (MSI) wages and salaries showed the largest increase, 61.5% of the 113.1% growth in net worth from 2003-04 to 2014-15, followed by households with MSI property income and superannuation, with 25.8% of the increase.

Electronic table 9 shows between 2003-04 and 2014-15, households with MSI wages and salaries was responsible for majority of the balance sheet components that increased net worth 113.1%. From 2003-04 to 2014-15, currency and deposit assets grew by 178.4%, 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 indicates an increase of 80.4% for the average of all households of net worth from 2003-04 to 2014-15, 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, 100.8%, 96.3% and 147.1% respectively.

Balance sheet	Wages and salaries	Income from unincorporated business	Property income and superannuation	Government pensions and allowances	Other	All households
Net worth	72.1	100.8	96.3	67.0	147.1	80.4
Residential dwelling and land	51.8	73.1	28.8	45.1	103.8	50.0
Currency and deposits	9.9	10.2	14.3	12.6	29.8	11.2
Insurance technical reserves	33.4	19.3	40.7	11.0	18.8	31.2
Loans and placements	-31.2	-16.9	-4.2	-4.5	-29.5	-21.9

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 50%. It was the largest contributor for most MSI household groups (ranging from 28.8% to 103.8%) 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 40.7%. Loan borrowings detracted from the average growth of net worth of all households by 21.9 %, and in particular households with MSI wages and salaries where it detracted 31.2% from the growth of net worth per household, leaving these households with a growth in net worth per household of 72.1%., below the average for all households of 80.4%.

(IV) Household Composition

(a) Contribution of household composition to net worth growth

Graph 3.37 shows that households containing two adults or more with dependent children showed the largest increase 31.2% of the of 113.1% growth in net worth from 2003-04 to 2014-15, followed by couple only households with reference person 65 years and over, 21.4% of the increase, and other households, 22.1% of the increase. One parent households with dependent children contributed only 2.7% to the increase in net worth.

Electronic table 9 shows between 2003-04 and 2014-15, households containing two adults or more with dependent children were responsible for majority of the balance sheet components that increased net worth 113.1%. From 2003-04 to 2014-15, loan borrowing grew by 147.2%, 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 (72.7%) and households with couple only with reference person under 65 years (31.4%).

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

Graph 3.38 indicates an increase of 80.4% for the average of all households of net worth from 2003-04 to 2014-15, with most household groups growing above the average net worth for all households, with the exception of households containing lone persons over 65 years (60.9%), couple only households with reference person under 65 years (52.0%) and two adults or more with dependent children (78.9%).

Balance sheet	Lone person under 65 years	Lone person over 65 years	One parent with dependent children	Couple only with reference person under 65 years	Couple only with reference person over 65 years	Two adults or more with dependent children	Other	All households
Net worth	98.6	60.9	151.7	52.0	107.3	78.9	86.9	80.4
Residential dwelling and land	55.3	35.3	122.8	32.4	44.1	65.8	46.7	50.0
Currency and deposits	16.7	14.6	30.2	8.0	10.5	7.9	13.8	11.2
Insurance technical reserves	37.5	18.0	41.9	28.8	40.8	31.1	27.7	31.2
Loans and placements	-24.1	-0.7	-60.7	-20.7	-3.3	-38.7	-17.7	-21.9

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 50%; was the largest contributor for all household compositional groups (ranging from 32.4% to 122.8%). 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 21.9%, and in particular households with one parent with dependent children where it detracted 60.7% from the growth of net worth per household, leaving these households with a growth in net worth per household of 151.7%, this is above the average for all households of 80.4%.

(V) Age of reference person

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

Graph 3.39 shows that households where the reference person was over 65 years showed the largest increase (37.9%) of the 113.1% growth in net worth from 2003-04 to 2014-15, followed closely by households where the reference person is between 55-64 years, increasing 35.1% 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 2014-15, households where the reference person was older than 65 years were responsible for majority of the asset components that increased net worth by 113.1%; 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 had significantly lower loan borrowing growth than 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 indicates an increase of 80.5% for the average of all households of net worth from 2003-04 to 2014-15. 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 91.1%.

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	43.6	45.0	50.7	74.3	73.2	91.1	80.4
Residential dwelling and land	13.1	58.1	59.2	50.1	39.6	43.4	50.0
Currency and deposits	36.9	15.6	8.3	8.2	9.4	12.9	11.2
Insurance technical reserves	40.9	29.6	22.1	25.0	34.1	31.6	31.2
Loans and placements	-48.0	-66.1	-45.7	-26.5	-14.5	-3.5	-21.9

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 50%. It was the largest contributor for most household reference person age groups (ranging from 39.6% to 59.2%). The only exception was for households with reference person between 15-24 years were residential dwelling and land was the second largest contributor at 13.1%. The largest contributor for households with reference person between 15-24 years was ITR assets, contributing 40.9% to net worth growth per household. Loan borrowings detracted from the average growth of net worth of all households by 21.9%, and in particular households with reference person between 25-34 years and reference person between 35-44 years, where it detracted 66.1% and 45.7% respectively from the growth of net worth per household.