Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Household debt triples in fifteen years

Staff Reporter 3 minute read

The Investment and Financial Services Association (IFSA) and the Association of Superannuation Funds of Australia (ASFA) have praised the Rudd Government's proposal to boost long-term savings after it was revealed that Australian household debt has more than tripled since the 1980s.

The five point plan proposed by the Rudd Government would address inflation by encouraging private and national savings.

Research conducted by the Allen Consulting Group – commissioned by IFSA to gather insight on the trends and implications of Australia’s national savings – identified Australian household saving performance among the worst in the world.

“While household net worth in 2007 increased, in the 1980s the average household owed less than $50 for every $100 in income. In just 15 years, the ratio has tripled to almost $160 in debt for every $100 of income,” said IFSA CEO Richard Gilbert.

Advertisement
Advertisement

“IFSA and ASFA are of the belief that taxation policy settings should not fuel inflation, while at the same time, we need to increase the current rate of private savings,” he said.

Published 23-01-08 

 

Household debt triples in fifteen years
default
TheAdviser logo

If you’re feeling overworked and overwhelmed in this fast-paced mortgage market, it’s time to make some changes, and the Business Accelerator Program can help! Early bird tickets are on sale now. Work smarter, not harder, this year.

PROMOTED CONTENT


default

 

more from the adviser
Michael Russell MoneyQuest Brokerage head calls out ‘unacceptable’ turnaround delays

It is “unacceptable” that turnaround times in branches can be...

gentlmen handshake Ex-Time Home Loans director partners with AFG

The aggregator has partnered with former Time Home Loans director...

farmer ta 34% of farmers eyeing raised business investment

Roughly one-third of Australian farmers expect to increase their ...