The rich keep getting richer in Australia

The ABS released its household incomes and wealth figures for the 2016 financial year. money

I’m going to keep this post very simple today – you could spend hours torturing these numbers to fit a preconceived viewpoint, and, alas, I’ve got better things to do.

Instead, just three observations.

1. Firstly, mean gross household incomes, after surging very hard through the mining boom, pulled back a bit last year.

This has become a bit of a familiar theme in recent Aussie data.

Income 1

2. Income inequality generally trended a little higher through the mining boom too, but also fell last financial year, as higher income earners took a hit.

Income 2

3. And thirdly, mean household net worth, having been obliterated by the share market crash, has surged to a record high of just over $929,000.

If people are feeling that inequality is rising, it is – for wealth – if only marginally since 2009-10.

Household net worth increased by $94,000 since the 2014 financial year, with property and financial assets up by $78,000 and $45,000 respectively, and liabilities up by just $19,000.

Income 3

On average Aussies have assets totalling about $1,097,000, and liabilities of $168,000.

The increase in mean household net worth has not all been about property assets, but real estate has played an important role.

Mean property assets were $627,000 per household, and mortgages just a shade under $150,000.

Anyway, you could literally spend days hammering out findings from these figures, but I think that’ll do as an overview for today.

get-a-financial-grip


icon-podcast-large

SUBSCRIBE & DON'T MISS A SINGLE EPISODE OF MICHAEL YARDNEY'S PODCAST

Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.

 

NEED HELP LISTENING TO MICHAEL YARDNEY'S PODCAST FROM YOUR PHONE OR TABLET?

We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.

icon-email-large

PREFER TO SUBSCRIBE VIA EMAIL?

Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.


Avatar for Property Update

About

is a Chartered Accountant, Chartered Secretary and has a Financial Planning Diploma. Using a long term approach to building businesses, investing in equities, & owning a portfolio he achieved financial independence at the age of 33. Visit his blog


'The rich keep getting richer in Australia' have no comments

Be the first to comment this post!

Would you like to share your thoughts?

Your email address will not be published.
CAPTCHA Image

*

facebook
twitter
google
0
linkedin
0
email

Michael's Daily Insights

Join Michael Yardney's inner circle of daily subscribers.

NOTE: this daily service is a different subscription to our weekly newsletter so...

REGISTER NOW

Subscribe!