6523.0 - Household Income and Wealth, Australia, 2017-18 Quality Declaration 
Latest ISSUE Released at 11:30 AM (CANBERRA TIME) 12/07/2019   
   Page tools: Print Print Page Print all pages in this productPrint All RSS Feed RSS Bookmark and Share Search this Product

CHANGES IN WEALTH OVER TIME

Middle and high wealth households have experienced a real increase in average net worth over the 14 years. Middle wealth households had an average net worth of $564,500 in 2017–18 compared to $415,800 in 2003–04 (adjusted for inflation). High wealth households increased in real terms from an average net worth of $1.9 million in 2003–04 to $3.2 million in 2017–18.

Low wealth households did not experience any real increase in net worth over this time period with the average net worth of $35,200 in 2017–18 similar to 2003–04 ($34,200).

One factor driving the increase in net wealth of high income households is the value of property (owner-occupied and other property). For high wealth households, average total property value increased by $709,100 between 2003-04 and 2017-18 from $1.14 million to $1.85 million. For middle wealth households average property values increased by $158,300 (from $353,800 to $512,100). Low wealth households that owned property had much lower growth of $10,100 to $18,100 over the fourteen years.

Graph 1 - TOTAL AVERAGE PROPERTY VALUE, by wealth group, 2003–04 to 2017–18
Graph - Total average property value, by low, middle and high wealth groups in Australia from 2003-04 to 2017-18
Footnote: (a) Comprehensive wealth data was not collected in 2007–08
Source: ABS Survey of Income and Housing, 2017–18

Between 2003–04 and 2017–18 average study loans increased in real terms for different wealth groups:

  • Low wealth households increased from $2,800 to $7,200
  • Middle wealth households increased from $1,300 to $3,400
  • High wealth households increased from $1,300 to $4,800

Between 2003–04 and 2017–18 average credit card debt increased in real terms for high wealth households ($3,500 to $4,400), but remained relatively stable for middle and low income households (at $2,700 and $1,900 respectively in 2017–18).