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ACT households 28 per cent richer than national average

ACT households have an average net worth of $930,000, a whopping 28 per cent greater than the national average, new data shows.

Australian households are no richer than they were during the global financial crisis, but Canberrans are certainly on top of the wealth tree, according to figures released by the Australian Bureau Statistics on Wednesday.

The ABS said there was no statistical difference between the 2011-12 average household net worth – assets minus liabilities –  of $728,000, and the $759,000 figure from 2009-10.

Average household wealth was higher in capital cities, valued at $144,000 more than households outside the capitals, but Canberrans’ net worth was still 19 per cent higher than the eight-capital average.

As expected, homes were the greatest assets held and ownership the biggest indicator of wealth level.

ABS Living Conditions director Caroline Daley said two-thirds of Australian households owned their home outright or with a mortgage.

"Owner occupied homes were the largest asset held by Australians and the mortgages on owner occupied property was also the largest liability,” Ms Daley said. 

"Households that owned their home outright (2.7 million households) had an average net worth of $1,237,000.

“Households with a mortgage on their home (3.1 million households) had an average net worth of $790,000, and the average net worth for households that rent their home was $160,000.”

Nationally, household wealth has increased by 9 per cent or $61,000 since 2005-06. 

Superannuation was the biggest financial asset held, while households had an average credit card debt of $2700.

The ACT household net worth reflected average assets of $1.12 million and liabilities of $182,000.

The wealthiest households were those referred to as “couple only” which included a person aged 55 to 64 years.

Their net wealth of $1.266 million dwarfed the lowest category of a single under 35 years old, who had an average net worth of $160,000.  

The unequal distribution of wealth meant the median net worth nationally – with half of households valued more, half less – was $434,234.

The top 20 per cent of households had an average net worth of $2.2 million, 71 times that of the bottom one-fifth.

South Australian, Queensland and Tasmanian households had levels of wealth below the national average, with Tasmanians’ $600,000 net value the lowest in the nation.

12 comments so far

  • Most of the "wealth" of Canberra households is in our over-inflated property.

    We did nothing special to earn this "wealth" - prices simply went on a boom in the last decade or so, fuelled by debt.

    Now watch our collective "wealth" drop when property goes south again when the next local recession hits.

    Commenter
    Arrow
    Date and time
    August 21, 2013, 2:16PM
    • Dream on "Arrow" !!

      While you keep whinging and waiting for the great "Property Crash" to come, the property market will keep climbing away from your reach.

      As a wise man once said to me, "The best time to buy property was 20 years ago, the next best time is TODAY !!"

      Stop complaining and start buying, then you too can become one of the "wealthy".
      After all, what's stopping you?

      Commenter
      The Sage
      Location
      Canberra
      Date and time
      August 21, 2013, 2:52PM
    • "Now watch our collective "wealth" drop when property goes south again when the next local recession hits."

      ............ or if the Libs get into power. Remember the 90's and how long it took to recover ???

      Commenter
      The Watcher
      Date and time
      August 21, 2013, 4:22PM
  • This suggests the ACT Govt can further raise fees and charges in line with perceived wealth holdings in the Territory.

    Can't wait for that.

    Commenter
    Outraged of Palmerston
    Date and time
    August 21, 2013, 2:21PM
    • Combined with the fact it costs at least 28% more to survive here. Overpriced and over rated...

      Commenter
      froggy
      Date and time
      August 21, 2013, 2:35PM
      • Just shows how much nonsense the 'economy really is .. its all because of fat cats on bloated salaries leeching money off all Australians by pinching more than their share . We're hardly a a silicon valley ,We are just good at wasting other peoples money on ourselves. We produce little apart more more legislation to harass and tax the truly productive . Lets get over ourselves .Whatever you do on Sept 7--- Don't vote for me

        Commenter
        Dan
        Date and time
        August 21, 2013, 2:39PM
        • Clearly a good reason why Public Servants wages must be cut.

          Commenter
          Klangdang
          Location
          Wells Crossing NSW
          Date and time
          August 21, 2013, 3:31PM
          • RUBBISH

            Commenter
            OLD DOG
            Date and time
            August 21, 2013, 6:25PM
            • Based on the logic of all mainstream politicians, this must mean we are 28% happier

              Commenter
              PostGrowthWorld
              Location
              ACT
              Date and time
              August 21, 2013, 9:37PM
              • Arrow, there will be no local recession, there will be a new Federal government in September who will wipe of Labor's debt.
                They will clear out the waste in Public Servants for starters, then the economy will start to get better.

                Commenter
                thepres
                Date and time
                August 22, 2013, 12:53AM

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