6523.0 - Household Income and Wealth, Australia, 2015-16 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 13/09/2017   
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Mean equivalised disposable household income (EDHI) in 2015–16 was $1,009 per week. After adjusting to 2015–16 dollars, this has not changed significantly from 2013–14 ($1,029 per week). As shown in Graph 1, EDHI increased in real terms from 1995–96 to 2007–08. A decline in average income followed the Global Financial Crisis (GFC) in 2008. Average income has since recovered and is now higher than before the GFC.

Graph - Mean weekly equivalised disposable household income in Australia from 1994-95 to 2015-16
Footnote(s): (a) Survey of Income and Housing data was collected in labelled years (b) Adjusted for 2015–16 dollars (c) Estimates presented for 2007–08 onwards are not directly comparable with estimates for previous cycles due to the improvements made to measuring income introduced in the 2007–08 cycle. Estimates for 2003–04 and 2005–06 have been recompiled to reflect the new measures of income, however not all components introduced in 2007–08 are available for earlier cycles
Source(s): ABS Survey of Income and Housing, various years

In 2015–16, employee income was the main source of household income for 61% of households, while a further 24% received their main source of income from government pensions and allowances, similar to 2013–14.

In 2015–16, average household wealth (net worth) was $929,400. After adjusting to 2015–16 dollars, average wealth has increased by 11% since 2013–14 ($835,300 in real terms). Wealth is the value of a household’s assets minus the value of its liabilities (debts). In 2015–16, the mean value of household assets was $1.1 million while the mean level of household debt was $168,600.

Graph 2 - MEAN HOUSEHOLD NET WORTH, 2003-04 to 2015-16(a)
Graph - Mean household net worth in Australia from 2003-04 to 2015-16
Footnote(s): (a) Adjusted for 2015–16 dollars (b) Comprehensive wealth data were not collected in the 2007–08 SIH
Source(s): ABS Survey of Income and Housing, various years

As shown in Graph 3, owner occupied dwellings were the largest asset held by households, representing a value of $456,100 when averaged across all households, accounting for 42% of household assets. Superannuation funds were the second largest household asset overall, and the largest financial asset, averaging $188,400 per household across all households. Superannuation funds accounted for 17% of household assets.

Almost one quarter of households (24%) owned property other than the dwelling in which they lived, including residential and non-residential property for rent, and holiday homes. The value of property other than the home averaged $171,000 across all households and accounted for 16% of total assets.

Graph - Mean value of selected household assets in Australia from 2015-16
Footnote(s): (a) Includes stand alone houses, semi-detached and units (b) Includes contents of dwelling and vehicles (c) Includes accounts held in financial institutions, offset accounts, shares, public unit trusts, private trusts, own business (net of liabilities)
Source(s): ABS Survey of Income and Housing, 2015-16

In 2015–16, household debts were, on average, $168,600. Average equity (the difference between the value of the home and the remaining value of the loan) in owner occupied homes was $363,200. As shown in Graph 4, for all households, the average amount owing on home loans was $92,900, while the amount outstanding on loans outstanding for other property averaged $56,900. For all households, the average study loan debt was $4,200 and the average credit card debt was $2,600.

Graph 4 - MEAN VALUE OF LIABILITIES, All households, 2015-16
Graph - Mean value of liabilities in Australia for 2015-16
Footnote(s): (a) Includes study loans, credit cards, loans for vehicle purchases, investment loans, and loans for other purposes.
Source(s): ABS Survey of Income and Housing, 2015-16