The rich keep getting richer in Australia

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.

About Pete Wargent Pete 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