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Household wealth varies greatly

Household wealth varies greatly

Australian household wealth varies greatly from state to state, according to new figures.

With a very diverse range of environments, industries and economies, there are many differences between the states and cities of Australia.

New figures from the Australian Bureau of Statistics (ABS) show that there is a large variety of incomes across the country.

The average wealth of Australian households in 2011-12 was found to be $728,000, with the wealthiest 20 per cent recorded at $2.2 million.

Caroline Daley, director of the Living Conditions section at the ABS, said that this was a stark difference from the lowest 20 per cent with $31,000 per household.

This shows that the level of wealth for Australian households remains unchanged from the previous years, however differences still exist.

Ms Daley explained: "Owner occupied homes were the largest asset held by Australians and the mortgages on owner occupied property was also the largest liability. Over two-thirds of Australian households own their own home outright or with a mortgage."

Posted by Steve Douglas

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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