Trends in average wealth
This shows changes in the real value (after inflation) of net household wealth. The average value of household wealth (minus debts such as home mortgages) rose steadily from $644,000 in 2003-04 to $836,000 in 2009-10, when the Global Financial Crisis occurred. Average wealth then dipped slightly to $802,000 in 2011-12 before rising again to $936,000 in 2015-16.
Rate of poverty by housing tenure
This graph shows the poverty rate of people by housing tenure –whether they own the house with or without a mortgage; whether they rent either privately or publicly; or whether they have another form of occupation type.
2017-18: The graph shows that the risk of poverty is twice as great (19% using 50% median income poverty line and 28% using 60% median income poverty ine) for people in households renting privately than for home-owners (9% using 50% median income poverty line or 19% using median income poverty line) or home purchasers (9% using 50% median income poverty line or 13% using median income poverty line), reflecting the higher cost and/or lower incomes of people in private rental housing.
2015-16: The graph shows that households who rent privately have twice has much risk of poverty (at 21% using 50% median income poverty line and 31% using 60% median income poverty line) than households who own their home (8% using 50% median income poverty line or 18% using 60% median income poverty line) or who hold a mortgage on their property (9% using 50% median income poverty line or 14% using 60% median income poverty line). It shows that poverty is highest among those in public or community housing (49% using 50% median income poverty line and 67% using 60% median income poverty line).
Sarah
Sarah* lives in Victoria. She was unemployed for more than a year.
"Being without paid work was very, very hard. I've definitely struggled. Very isolating - I lost touch with friends because I couldn't afford to do anything other than pay my rent.
It was a very difficult time."
(Not their real name. Photo by Edgar Hernández on Unsplash. Representational only. Sarah is a survey respondent from ACOSS (2018): Voices of Unemployment.)
Paul
Paul is a 47-year old single male who was made redundant 18 months ago, after 27 years in the public service, the only job he ever knew. Paul bought a house after separating from his partner two years ago. He now lives alone and has fortnightly weekend visits from his school age children. Paul receives income from JobSeeker, as well as from a casual job he has delivering junk mail for $100 per fortnight. He has been diagnosed with depression, has high cholesterol, and complications from a stomach operation. His budget leaves him with a $60 deficit per fortnight, meaning he has no money for car repairs and other unexpected costs. Without an increase in his income, Paul will continue to be in severe financial hardship. (Source: Good Shepherd Australia New Zealand. Photo by Trevor Brown on Unsplash. Image representational only)
Amina
Amina is a 44-year-old single mother from a migrant background and has been actively seeking fulltime employment for two years. She has four children, between 7 - 20 years old. Her eldest child is currently studying. Amina receives $1,500 per fortnight – $500 of which is from working part-time as a cleaner, $500 from JobSeeker and $500 from income support payments she is eligible to receive as a single parent. Amina has always been up to date with her mortgage repayments however this has come at the cost of paying off her utilities arrears and being able to afford to eat three meals a day. She has had to use a cash converters loan to pay her most recent rates bill. (Source: Good Shepherd Australia New Zealand. Photo by Artur Aldyrkhanov on Unsplash. Image representational only)
