From home loans to HECS debts to payday loans, Aussies have become prolific borrowers. According to the Bank for International Settlements, aggregate household debt in 1974 was equivalent to about a third of Australia’s gross domestic product (GDP). As of 2024, the total amount owed by Aussie households exceeds 110% of GDP. Australia used to be one of the most conservative developed nations when it comes to debt, but now has one of the highest national debt-to-income ratios.
Regardless of whether you think this is a good or a bad thing, you might be curious about how this looks on a micro level. We’ve gathered some of the most recent data to try and estimate how much the average Aussie owes his or her creditors.
