For richer or poorer
How does your wealth compare to other Australians?
How wealthy are you?
According to the Australian Bureau of Statistics (ABS) 2017-18 Survey of Income and Housing, Queensland households that earned $4193 per week before tax were among the top 10% of income earners.
In 2017-18 the average household wealth passed $1 million, a rise of 37% compared to just over a decade ago.
ABS Chief Economist Bruce Hockman said that while household wealth has risen, wage growth has slowed.
“Over the past decade income growth has been slow with average weekly household incomes increasing $44 to $1,062 in 2017–18,” Mr Hockman said.
“In comparison, in the four years up to 2007–08 average weekly household income grew by $220 in real terms to $1,018.
“For low income households there has been an increase of $28 in average weekly household income over the past decade, while for high income households there was an increase of $57.”
Mr Hockman said the main contributors to wealth continued to be property and superannuation.
“While ABS data has shown that there is a recent downturn in the property market, over the longer term there has been sustained growth,” he said.
“Over the same time, the average household superannuation balance has almost doubled from $112,500 in 2005–06 to $213,700 in 2017–18”.
How does your household stack up?
- Wealthiest 20% of Australian households have an average wealth of $3.2 million.
- Middle 20% of households have an average wealth of $564,500.
- Lowest 20% of households have an average wealth of $35,300.
The information in this article has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained in the document is general advice and does not take into account any person’s particular investment objectives, financial situation or needs. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives, financial situations and needs.