From Aunty
Average household now worth $665,000: study
A major study into Australian households has found wealth surged by more than a third from 2002 to 2006.
The Melbourne Institute's Living in Australia study shows households' average net wealth climbed from $494,000 to $665,00 during the period.
The increase was driven by a sharp rise in the value of houses and superannuation.
Senior research fellow at the Institute Dr Roger Wilkins says the survey shows the rise in wealth over that time was equally shared.
"Wealth is - it should be stated at the outset - very unequally distributed; much more unequally distributed than income," he said.
"But having said that, there was no increase in inequality of wealth between 2002 and 2006, so the gains that we saw over that period were very widely distributed."
There are lots of other stuff for those looking at factors influencing the property market in this report like:
"The latest statistical report covers a huge breadth of data from six waves of the HILDA Survey and contains articles on key aspects of life in Australia, including:
• Households and family life — including changes in marital status and child care issues. In all six years of the HILDA Survey, women reported substantially higher levels of parenting stress than men, and lone mothers had higher stress levels than partnered mothers. In 2006, 45 per cent of households with children aged under 15 used work-related child care, and the most common problem was finding care for a sick child, as reported by almost 40% of lone-parent households.
• Incomes and economic well-being. This includes measures of relative poverty, welfare reliance and financial stress, household consumption expenditure, and income mobility — being the extent to which households moved up or down the national income distribution scale.
• Labour market outcomes — which includes wage changes, job mobility, hours worked, jobless households and job satisfaction.
• Life satisfaction, health and well-being. This section includes analysis on how persistent are some health problems, and social capital deficits.
• The incidence and factors associated with personal credit card debt. Relatively few people are found to have high levels of credit card debt that would cause them financial difficulty. Analysis also showed that characteristics of individuals, including their financial circumstances, are not good predictors of getting into credit card difficulty. The characteristic that most distinguishes those in credit card trouble is a history of credit card trouble: 29% of those in difficulty in 2006 were found to have also been in difficulty in 2002, compared with only 3% of people who were not in credit card difficulty in 2006. "
Link to the complete report.
Average household now worth $665,000: study
A major study into Australian households has found wealth surged by more than a third from 2002 to 2006.
The Melbourne Institute's Living in Australia study shows households' average net wealth climbed from $494,000 to $665,00 during the period.
The increase was driven by a sharp rise in the value of houses and superannuation.
Senior research fellow at the Institute Dr Roger Wilkins says the survey shows the rise in wealth over that time was equally shared.
"Wealth is - it should be stated at the outset - very unequally distributed; much more unequally distributed than income," he said.
"But having said that, there was no increase in inequality of wealth between 2002 and 2006, so the gains that we saw over that period were very widely distributed."
There are lots of other stuff for those looking at factors influencing the property market in this report like:
"The latest statistical report covers a huge breadth of data from six waves of the HILDA Survey and contains articles on key aspects of life in Australia, including:
• Households and family life — including changes in marital status and child care issues. In all six years of the HILDA Survey, women reported substantially higher levels of parenting stress than men, and lone mothers had higher stress levels than partnered mothers. In 2006, 45 per cent of households with children aged under 15 used work-related child care, and the most common problem was finding care for a sick child, as reported by almost 40% of lone-parent households.
• Incomes and economic well-being. This includes measures of relative poverty, welfare reliance and financial stress, household consumption expenditure, and income mobility — being the extent to which households moved up or down the national income distribution scale.
• Labour market outcomes — which includes wage changes, job mobility, hours worked, jobless households and job satisfaction.
• Life satisfaction, health and well-being. This section includes analysis on how persistent are some health problems, and social capital deficits.
• The incidence and factors associated with personal credit card debt. Relatively few people are found to have high levels of credit card debt that would cause them financial difficulty. Analysis also showed that characteristics of individuals, including their financial circumstances, are not good predictors of getting into credit card difficulty. The characteristic that most distinguishes those in credit card trouble is a history of credit card trouble: 29% of those in difficulty in 2006 were found to have also been in difficulty in 2002, compared with only 3% of people who were not in credit card difficulty in 2006. "
Link to the complete report.
