How much are you worth?

How much are you worth?

Posted on Wednesday, August 21 2013 at 4:04 PM

If you’re part of an ‘average’ Australian household, chances are you’re now worth nearly three-quarters of a million dollars.

A report released
by the Australian Bureau of Statistics (ABS) says the average wealth of
households in 2011-12 was $728,000. If you live in Canberra, you’re probably
worth even more, according to ABS director of the living conditions, Caroline

“Wealth varied
greatly across the states and territories,” she says.

“The ACT had the
highest level of wealth at $930,000, which was around 28 per cent higher than
the Australian average. Western Australia, New South Wales, Victoria and the
Northern Territory all had levels of wealth close to the Australian average.

“South Australia,
Queensland and Tasmania had levels of wealth less than the Australian average,
with Tasmanian households having the lowest level of average wealth at around
$600,000. Household wealth was more concentrated in capital cities, where the
average net worth of households was $781,000, compared to $637,000 outside of
capital city areas.”

Not surprisingly,
most household wealth is thanks to Australians owning a principal place of
residence. More than two-thirds of Australian households own their own home
outright or have a mortgage.

“Households that
owned their own home outright, 2.7 milllion 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.”

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