Australia takes bronze in global household debt


By Leith van Onselen

After pinching gold last quarter and taking the mantle of the world’s most indebted households, Australia has slipped back to third place according to the latest data from the Bank for International Settlements (BIS), courtesy of data revisions.

The next table shows the ratios of household debt to GDP as at the June quarter of 2016. As you can see, Switzerland (128%) and Denmark (124%) has taken gold and silver, with Australia taking bronze (123%). The Netherlands (111%) and Canada (100%) round out the top five:

ScreenHunter_16670 Dec. 13 07.13

The below chart tracks these ratios across the Anglosphere, with Australia way out in front with a ratio that is also well above Ireland’s at its peak (117.5%):

ScreenHunter_16671 Dec. 13 07.23

Now get back to paying-off that mega-mortgage!

[email protected]

About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.