How much does the average Australian earn, save and owe?

Have you ever wondered what your bank balance looks like compared to a colleague’s? What about if you’ve got more debt than your neighbour? Knowing where you sit financially compared to others can be, frankly, a little satisfying. Gratifying, even. We’ve crunched the numbers on what the average Aussie is earning, saving and owing—and the results might surprise you.

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How much does the average Aussie earn?

If you’re working full-time, your age has a big impact on what you’re likely earning. As per the table below, men aged 45 to 54 are bringing in around $110,808 per year before tax. Women in the same age group are earning roughly $89,957 annually. 

Of course, these numbers can vary depending on your role, industry, location and experience. And if you’re working part-time, the figures drop accordingly. But whether you’re ahead or behind this median figure, this snapshot gives a helpful benchmark.

Median gross annual income

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Source: www.canstar.com.au – 28/07/2025. Incomes per ABS Characteristics of Employment (August 2024)

Tips to boost your income

• Ask for a pay rise: Securing a pay rise is not always easy, but you definitely won’t get one if you don’t ask the question. It’s important to be prepared before you talk to your boss. Make sure you have a clear idea of your market worth, which you can do by checking out salary surveys and also looking at job ads for positions similar to yours. It’s also important to demonstrate how you have added value to the company, offering examples to back it up. If extra money isn’t an option, consider asking for non-cash alternatives such as flexible working arrangements or additional holidays.
  

• Look for a better-paying job: Another option to boost your salary is to look for another job that will pay more. This may involve having to upskill. It can also be a good idea to look for jobs in sectors that have a higher level of demand.

How much does the average Aussie save?

According to the latest Canstar data, Australians aged between 18 and 29 typically save around $624 per month, accumulating an average total of about $16,934 in savings and investments by that age. Those in their 30s are saving a bit more—about $733 each month—with average total savings climbing to approximately $26,914. People aged 40–49 tend to put aside around $564 monthly and amass a total average of $23,106. The 50‑to‑59 age group saves slightly less each month—roughly $497—and has overall savings and investments around $14,225. Aged 70+? This age demographic is saving $355 a month, but has a total average savings balance of 22,908.

Canstar’s Consumer Pulse report paints a broader picture of monthly saving habits: of the individuals asked in the survey, over 62% claim they’re contributing to their savings account each month, averaging about $558, which is up over $200 from the year before. While that’s still shy of the peak seen in 2021 (around $671), it shows people are increasingly prioritising putting money away, even if financial optimism overall is relatively low.

So, while monthly contributions vary by age, with younger Aussies typically saving less and older working-age groups saving more, the national average today sees most savers contributing around $558 monthly—with total balances ranging from about $16,000 for Gen‑Z through to over $23,000 for those in their 50s.

Average savings and investments by age bracket

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Source: www.canstar.com.au – 28/07/2025. Based on the Canstar 2024 Customer Satisfaction Survey (n=2,003)

Average savings accounts rates

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Source: www.canstar.com.au – 28/07/2025. Based on savings accounts on Canstar’s database, available for a deposit amount of $10,000. Base Rate Saver refers to savings accounts without a bonus rate, Flexible Saver refers to savings accounts that pay a promotional introductory rate, and Bonus Saver refers to savings accounts that pay a conditional bonus rate when certain conditions are met each month. Rates are inclusive of any applicable bonus rates.

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Tips to boost your savings

• Pay yourself first: This is a must. Work out how much you can save from each pay cheque and arrange to have it automatically transferred to a separate savings account. An account that is out of sight and out of mind might be an even better deterrent to accessing the funds.
  
• Look for ways to cut costs: Take a look at your budget—if you don’t have one, now is the time to build one—and identify areas where you could cut back. Can you spend less at the supermarket and is the cost of all your streaming services really adding up? It can also help to shop around for better deals on some of your regular expenses such as energy plans, your mobile phone and internet plans as well as car, home and health insurance. You might also consider selling unwanted items or taking up a side hustle to give your bank balance an extra boost.
  
• Make sure you’re getting the best possible rate: The average rate on flexible saver accounts is 4.50% p.a., but you might be able to get as much as 5.15% p.a. (at the time of writing). It might not seem like much but every little bit counts, so it’s a good idea to regularly look for a better rate on your savings, such as those listed in Canstar’s high interest savings account article.

How much does the average Aussie owe?

Roughly 35% of Australians are carrying personal debt. Looking at household borrowing as a whole, Canstar’s figures from May 2024 show that the average Australian carries about $4,254 in credit card balances accruing interest, and around $659,922 in mortgage debt.

Among those who owe, the average personal debt (combining credit cards, personal loans, HECS/HELP fees, or Buy Now Pay Later) sits at approximately $15,179—a steep rise from just under $9,000 in 2024.

How much Aussies owe in personal debt

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Source: www.canstar.com.au – 28/07/2025. Average balance accruing interest based on RBA May 2025 Credit and Charge Card Statistics, assumes 37% of personal credit card accounts are revolving a balance and therefore accruing interest, based on the Canstar 2024 Customer Satisfaction Survey (n=4,751). Average personal debt (excluding home loans) based on the Canstar 2024 Consumer Pulse Report.

Average credit card rates

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Source: www.canstar.com.au – 28/07/2025. Based on personal credit cards on Canstar’s database, excluding interest-free cards.

Average owner-occupier loan sizes around Australia

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Source: www.canstar.com.au – 28/07/2025. Loan sizes per ABS Lending Indicators (March 2025), Average loan sizes for owner-occupier dwellings (Original Values).

Average home loan rates

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Source: www.canstar.com.au – 28/07/2025. Based on owner occupier variable loans on Canstar’s database available for a loan amount of $600,000, 80% LVR and principal & interest repayments; excluding introductory and first home buyer only loans.

Tips to reduce your debt

• Look for a better deal on your home loan: As the tables above show there can be a big difference between the average rate on home loans and the lowest. Paying a higher rate can end up costing you tens of thousands in interest over the life of a home loan. It will also mean your repayments are higher. It can pay to shop around to see if you can find a better rate on your mortgage. If you do, you can ask your lender if they can match that cheaper rate. If not, switching home loans may be an option. Just make sure you consider any costs that come with refinancing.
  
• Put a plan in place to reduce your personal debt: If you’re having trouble clearing your credit card debt, it could be a good idea to take the time to sit down and develop a strategy to get that monkey off your back. Some of the options to consider include balance transfer offers, debt consolidation or the snowball or avalanche method. The right option for you will depend on how much you owe and how much you can repay. And be sure to get help if you feel like you’re in over your head. The National Debt Helpline offers free, independent, confidential financial counselling at 1800 007 007 or via its website.
• Pay extra on your mortgage: One of the simplest ways to get that debt down is to pay extra into your mortgage when you can—even if it’s a small sum. If you receive a lump sum, such as a tax refund, it can be a good idea to pop that into your home loan as well. Using an offset account or redraw can be a good way to do this and you will generally still have access to your money if you need it.

How much does the average Aussie have in super?

It’s not just savings accounts and salaries that contribute to your holistic financial picture. Investments and superannuation play a major role in your overall net worth. While the average super balance will vary significantly depending on your age and career length, these longer-term nest eggs are crucial for future financial wellbeing. 

As you can see from the table below, the amount varies based on age but also gender—women, on average, have less in super than men. And even though some of these balances seem high, many Aussies are not on track to achieve a comfortable retirement.

Average super balances

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Source: www.canstar.com.au – 28/07/2025. Super balances per APRA Quarterly Superannuation publication (June 2025) from membership profile by age and gender for entities with more than 6 members.

Tips to boost your super

• Consider services that top up your super when you shop: There are a number of cashback sites that add money to your super when you shop and others that add a percentage of your spending to your super. These include Boost Your Super and Grow My Money. Make sure you do your homework first before using these services.
• Check your super’s performance and fees: Keeping an eye on your super fund’s performance and fees can help you make sure your money is working as hard as possible for your retirement. Even small differences in investment returns or costs can add up significantly over the long term. By reviewing your fund’s annual statement or logging in to your account online, you can see how it stacks up against similar products and decide if it’s still the right fit for you.
• Check if you have life insurance through your super: Many super funds include default life insurance cover, which could provide important financial support for your family if something happens to you. However, the level of cover varies, so it’s important to review the details—including premiums and any exclusions—to ensure it matches your personal needs and circumstances. Understanding what you’re covered for now can save surprises later.
• Top up your super: Consider salary sacrificing some of your pay into your superannuation—even if it is just $20 from each pay. Small amounts added to your super can make a surprising difference to your super balance at retirement thanks to the power of compound interest.
• Compare super funds with Canstar: Comparing super funds side-by-side can make it easier to find one that suits your goals. Canstar’s super fund comparison tool lets you weigh up factors like fees, past performance, investment options, and features, all in one place. This can help you make a more informed decision about whether to stay with your current fund or switch to one that better supports your retirement plans.

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How do your finances compare?

Wondering how your situation measures up? If you’re working full-time and earning between $86,000 and $117,000 a year, you’re in line with national averages—especially if you’re aged between 25 and 54. 

According to the Australian Bureau of Statistics (ABS), if your household net worth sits somewhere between $768,000 and $1.14 million, and if you’re consistently saving around 10% of your income, that’s exactly where many Aussies sit. Of course, everyone’s financial journey is different, and what’s “average” doesn’t always reflect your goals, responsibilities or lifestyle. 

The table below breaks the figures down by “quintiles” which, in this case, is essentially ranking the population by income. You can see the average income figure for each quintile in the table to get an idea of where you sit.

Average income and net worth by equivalised private income quintile*

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Source: Australian Bureau of Statistics, Australian National Accounts: Distribution of Household Income, Consumption and Wealth 2021-22 financial year. Net worth includes financial assets (e.g. Superannuation and other financial assets) and non-financial assets (e.g. property) less liabilities (e.g. principal outstanding on home loans, amount owing on credit cards and other loans).

Tips to boost your net worth

• Reduce your debts: One way to boost your net worth is to focus on reducing your debts—that includes any home and investment loans as well as any personal debt such as credit cards or personal loans. Consider reviewing your budget, cutting back on expenses and putting as much as you can towards those debts.
• Build your assets: Another option is to build your wealth by investing. This could be a family home, your own superannuation, an investment property or the sharemarket—whether directly or through Exchange Traded Funds (ETFs).

Cover image source: Andrey_Popov/Shutterstock.com