SHOCKFACTS: Rising household debt

February 9, 2005
Issue 
614

  • The average Australian household spends 2.3% more than it earns each week.

  • In 2002 household debt, at $431 billion, represented almost 60% of economic activity in Australia.

  • Current average household debt represents around 1.3 years of household income.

  • Total HECS debt in 2002 was $9.1 billion and total credit card debt was $7.3 billion.

  • In 2002, $279.4 billion was outstanding on home mortgages.

[Source: Household debt in Australia — Walking the tightrope, AMP.NATSEM Income and Wealth Report November 2004.]

From Green Left Weekly, February 9, 2005.
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