News

Wealth is up but ABS warns more than 400,000 Sydneysiders are 'over-indebted'

Soaring house prices have lifted the wealth of the average Sydney household to $1.3 million, but hundreds of thousands of families in the city have been left "over-indebted".

The Bureau of Statistics' latest survey of income and wealth has classified 407,000 Sydney households with property loans as over-indebted, meaning they owe at least three times more than they earn in year. The typical over-indebted household in Sydney is carrying a hefty $765,400 in total property debt.

"Growth in debt has outpaced income and asset growth since 2003-04," the bureau said. "Rising property values, low interest rates and a growing appetite for larger debts have all contributed to increased over-indebtedness."

Over-indebted households are more vulnerable to economic shocks, such as rising interest rates, the loss of a job or a drop in asset prices.

Personal Insolvency Regulator Newsletter (PIR)

We want your views!

Complete the survey

Complete the survey

 

One of AFSA’s primary means of communicating with insolvency practitioners and other stakeholders is through our quarterly newsletter.

To make sure its content remains useful and relevant, we welcome your views on what currently works well and what is capable of improvement.

At the link above is a short 5-question survey. We would appreciate you taking the time to complete the survey so we can consider your feedback and improve the value of this publication.

The survey will remain open for completion until Wednesday 23 August 2017.

Kelly O Dwyer Insolvency Crackdown Back Six Months

Download

Page 1 of 5

Contact

Postal Address

PO Box 392
Moorebank NSW 1875

Tel: (03) 9351 0434

Email: membership@pipa.net.au

Make an Enquiry


Name
eMail
Phone
Message
© Copyright 2017 Personal Insolvency Professionals Association | Powered by Orange InfoMedia

website security