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