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The Bank for International Settlements (BIS) has released its global household debt statistics for the September quarter of 2020. This data shows that Australia still has the second highest stock of household debt in the world when measured against the size of its economy, as measured by Gross Domestic Product (GDP).
As shown in the table below, Australia’s household debt-to-GDP ratio was 123% in Q3 2020, second only to Switzerland (131%):
Australia’s household debt was the second highest in the world when measured against GDP.
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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.