Household wealth in Australia: its components, distribution and correlates
AuthorMARKS, G; HEADEY, BW; WOODEN, MP
Source TitleJournal of Sociology
AffiliationMelbourne Institute of Applied Economic and Social Research
Document TypeJournal Article
CitationsMARKS, G., HEADEY, B. W. & WOODEN, M. P. (2005). Household wealth in Australia: its components, distribution and correlates. Journal of Sociology, 41 (1), pp.47-68. https://doi.org/10.1177/1440783305050963.
Access StatusThis item is currently not available from this repository
C1 - Refereed Journal Article
Using data from the second wave of the Household, Income and Labour Dynamics in Australia (HILDA) Survey, conducted in 2002, this article provides information on the composition, distribution and correlates of the wealth holdings of Australian households. The survey results indicate that Australian households have an average net worth (or wealth) of just over A$400,000, comprising assets of $473,000 and debts of $68,000. The largest component of wealth is home equity. The degree of inequality across households in wealth inequality is found to be much larger than the inequality in income and varies substantially with age and, to a lesser extent, with household type and education. Age, socio-economic background, educational attainment, marital status and the number of children can account for about 30 percent of the variation across households in (logged) wealth.
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