Are you an average Australian?

Published on December 4th, 2020
  Written by 
Bill Tsouvalas
Bill Tsouvalas is the managing director and a key company spokesperson at Savvy. As a personal finance expert, he often shares his insights on a range of topics, being featured on leading news outlets including News Corp publications such as the Daily Telegraph and Herald Sun, Fairfax Media publications such as the Australian Financial Review, the Seven Network and more. Bill has over 15 years of experience working in the finance industry and founded Savvy in 2010 with a vision to provide affordable and accessible finance options to all Australians. He has built Savvy from a small asset finance brokerage into a financial comparison website which now attracts close to 2 million Aussies per year and was included in the BRW’s Fast 100 in 2015 as one of the fastest-growing companies in the country. He’s passionate about helping Australians make financially savvy decisions and reviews content across the brand to ensure its accuracy. You can follow Bill on LinkedIn.
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Who is Ms. Average Aussie?

Due to more females in our population than males, the average Australian is probably a female! ABS data shows Ms. Average Aussie is about 37, born in Australia, a Catholic, is married with two children that still live at home, drives her own car, lives in a capital city and lives in a three-bedroom, two-bathroom home. Of course, this is a patchwork of every Australian living here. No one person fit the “average” description perfectly!

How much does Ms. Average Aussie earn?

The most common job in Australia is sales assistant, and the Average Australian earns about $1,124.50 a week. The full-time wage increases somewhat to within a dollar of $1,500.

The ABS data tells us that Ms. Average Aussie has a net worth of $250,000 and lives in a house valued just shy of $460,000. The Average Australian is sitting on a mortgage of $341,000 and a credit card debt of $3,085.

This all means increased mortgage stress. Repayments on that amount over 30 years would leave Ms. Average Aussie only 41% of their pay left over for bills, essentials and leisure activities. Since Ms. Average is married to Mr. Average, they’d still contribute 30% of their wage toward paying off that mortgage. That’s not including the $150 a month they’d come up with each to pay off their individual credit card debt in two years (if they didn’t buy anything else, of course.)

How much does Ms. Average Aussie have in retirement?

Ms. Average Aussie likely has a balanced superannuation fund, which diversifies funds across a number of sectors such as property and shares. The bad news is that share prices have dipped 6.4% according to a report from SuperRatings.

Ms. Average Aussie will get a payout of $73,000 with Mr. Average expecting $155,000. An average person retires at age 63.4 years. They’ll need about $363 per week to live modestly and $702 per week to live comfortably. That may be difficult, as Ms. Average Aussie will live to 84.7 years with Mr. Average Aussie 80.1 years. That’s if Ms. Average doesn’t have a health issue – which isn’t too likely since 63% of Australians are overweight or obese.

So do you fit the average? Where do you stand?

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