The relatively high salaries of Canberra public servants are allowing them to build up healthy asset portfolios, while average Queenslanders are much less wealthy, according to the University of Melbourne’s Household, Income and Labour Dynamics Australia Survey, the latest report from which was released earlier this week (see chart below based on Table 5.3 data on p. 60 in the report). According to the HILDA Survey, Median household wealth in Queensland is the second lowest in Australia, with only the median Tasmanian household being less wealthy. There is certainly scope in Queensland to improve our educational system and to remove unnecessary regulations with a view to boosting our economy and improving average incomes and wealth.
You may recall that the HILDA Survey finding that the rate of home ownership in Australia is declining received some coverage in newspapers yesterday. The HILDA Survey is an outstanding resource and I highly recommend the latest report for its insights into Australian households and how they have fared over the last decade.
Interesting post. The HILDA survey is a great resource.
What I find interesting from the household wealth chapter is the fact the the bulk of a household’s wealth is in asset classes (housing, super and equities) that are largely at the whim of markets.
In effect, with the exception of decision to purchase a house, or invest in equities, the change in a household’s wealth over time is something that happens to them – not something they necessarily control.
Good point, Jim, which is why the household wealth figure looks so volatile across the years. Thanks for the comment.