How much does the average Australian earn, save and owe?
Find out how you compare to the average Aussie when it comes to your finances. Plus get tips to help give your wealth a boost.

Find out how you compare to the average Aussie when it comes to your finances. Plus get tips to help give your wealth a boost.
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 neighbours? It’s natural to wonder how your finances stack up against those of others. You don’t have to wonder any longer – Canstar has compiled data revealing how much the average Aussie earns, saves and owes. You’ll also find out how much the average Aussie has in super and how much they’re worth.
You’ll then be able to figure out how you compare. While you may always hear that you shouldn’t spend money to keep up with the Joneses, when it comes to wealth you generally want to be on par or better than average. If you are not on track, you’ll also find tips to help you catch up.
So, without further ado, let’s take a look at the numbers.
How much does the average Aussie earn?
The answer to this question comes down to a person’s age and whether they are employed full-time or part-time. As the table below shows, a male aged from 45 to 54 who is employed full time earns a little more than $101,000 before tax. A woman of the same age brings home $85,800 before tax.
Median gross annual income
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Age | Males | Females |
---|---|---|
Full-time in main job… | ||
15 – 19 | $40,144 | $42,540 |
20 – 24 | $61,234 | $62,098 |
25 – 34 | $83,200 | $78,000 |
35 – 44 | $103,955 | $83,200 |
45 – 54 | $101,400 | $85,800 |
55 – 59 | $96,668 | $83,314 |
60 – 64 | $86,957 | $72,800 |
65+ | $80,670 | $78,773 |
Part-time in main job | ||
15 – 19 | $10,400 | $9,617 |
20 – 24 | $30,040 | $31,200 |
25 – 34 | $39,000 | $39,000 |
35 – 44 | $44,461 | $43,888 |
45 – 54 | $43,169 | $44,200 |
55 – 59 | $50,534 | $39,000 |
60 – 64 | $41,600 | $41,600 |
65+ | $31,200 | $31,007 |
Total | ||
15 – 19 | $16,855 | $12,171 |
20 – 24 | $49,986 | $44,200 |
25 – 34 | $78,000 | $64,997 |
35 – 44 | $98,800 | $66,748 |
45 – 54 | $96,200 | $69,784 |
55 – 59 | $91,000 | $65,000 |
60 – 64 | $78,000 | $58,007 |
65+ | $62,400 | $45,599 |
Source: www.canstar.com.au – 24/05/2024. Incomes per ABS Characteristics of Employment (August 2023)
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. Check out salary surveys and also take a look at job ads for positions similar to yours. It’s also important to demonstrate how you have added value to the company and 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?
Aussies are putting away between $288 and $344 on average depending on their age bracket with those between 30 and 39 saving the most each month. Those aged between 50 and 59 have the highest amount stashed away with the total value of their savings and investments sitting at $14,225. The youngest group – 18 to 29-year-olds – have the smallest saving and investment balances on average.
Average savings and investments by age bracket
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Age bracket | Monthly savings | Total value of savings/investments |
---|---|---|
18 to 29 | $327 | $7,688 |
30 to 39 | $344 | $10,618 |
40 to 49 | $334 | $11,426 |
50 to 59 | $291 | $14,225 |
60 to 69 | $300 | $10,919 |
70+ | $288 | $13,604 |
Source: www.canstar.com.au – 24/05/2024. Based on the Canstar 2023 Customer Satisfaction Survey (n=2072)
Average savings accounts rates
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Account Type | Average | Highest |
---|---|---|
Base Rate Saver | 2.50% | 5.20% |
Flexible Saver | 4.94% | 5.75% |
Bonus Saver | 4.66% | 5.55% |
Source: www.canstar.com.au – 24/05/2024. 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.
Tips to boost your savings
- Pay yourself first: This is a must. Work out how much you can save from each pay and arrange to have it automatically transferred to a separate savings account.
- 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 savers is 4.94% pa but you might be able to get as much as 5.75% pa. It might not seem like much but every little bit counts, so it is a good idea to regularly look for a better rate on your savings.
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How much does the average Aussie owe?
The average Aussie owes $3,869 on their credit card, has personal debt of $8,981 and has a mortgage of $607,963. This may be higher or lower depending on where you live.
How much Aussies owe in personal debt
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Average balance accruing interest | $3,869 |
---|---|
Average person’s personal debt (excl. home loans) | $8,981 |
Source: www.canstar.com.au – 24/05/2024. Average balance accruing interest based on RBA December 2023 Credit and Charge Card Statistics, assumes 36% of personal credit card accounts are revolving a balance and therefore accruing interest, based on the Canstar 2023 Customer Satisfaction Survey (n=3232). Average personal debt (excluding home loans) based on the Canstar 2023 Consumer Pulse Report.
Average credit card rates
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Card Type | Average | Lowest |
---|---|---|
Rewards | 20.42% | 12.99% |
Non-Rewards | 14.29% | 7.49% |
Source: www.canstar.com.au – 24/05/2024. Based on personal credit cards on Canstar’s database, excluding interest-free cards.
Average owner-occupier loan sizes around Australia
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State | Loan Size |
---|---|
NSW | $744,101 |
VIC | $590,475 |
QLD | $571,954 |
SA | $519,165 |
WA | $521,863 |
TAS | $461,961 |
NT | $461,538 |
ACT | $579,259 |
National Average | $607,963 |
Source: www.canstar.com.au – 24/05/2024. Loan sizes per ABS Lending Indicators (March 2024), Average loan sizes for owner-occupier dwellings (Original Values).
Average home loan rates
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Loan type | Average | Lowest |
---|---|---|
Variable | 6.88% | 5.89% |
3 Year Fixed | 6.27% | 5.48% |
Source: www.canstar.com.au – 24/05/2024. 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 are 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, 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 are over your head.
- 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?
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.
→ Related: How much super should I have at my age?
Average super balances
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Age | Male | Female |
---|---|---|
<25 | $8,914 | $7,839 |
25 to 29 | $24,837 | $22,228 |
30 to 34 | $48,821 | $40,409 |
35 to 39 | $79,168 | $62,076 |
40 to 44 | $107,801 | $84,207 |
45 to 49 | $138,348 | $107,247 |
50 to 54 | $173,795 | $133,931 |
55 to 59 | $216,163 | $169,137 |
60 to 64 | $245,541 | $201,720 |
65 to 69 | $270,478 | $238,328 |
70 to 74 | $293,083 | $251,354 |
75 to 84 | $276,397 | $226,758 |
85+ | $168,344 | $138,967 |
Source: www.canstar.com.au – 24/05/2024. Super balances per APRA Quarterly Superannuation publication (December 2023) 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.
- 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.
How much is the average Aussie worth?
Well, according to the Australian Bureau of Statistics (ABS) the average net worth of an Australian household is $1,021,900. 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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Average gross annual income | Average net worth of household | |
---|---|---|
Lowest | $38,532 | $622,900 |
Second | $77,740 | $825,800 |
Third | $107,016 | $1,036,100 |
Fourth | $151,268 | $1,022,400 |
Highest | $257,504 | $1,700,000 |
All households | $122,148 | $1,021,900 |
Source: ABS Household Financial Resources, December 2020. Prepared by Canstar. Gross income includes private income and Government pensions and allowances. 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 super, an investment property or the sharemarket – whether directly or through ETFs.
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