According to a 2024 survey in Australia, nearly ** percent of Gen Z respondents had no debt at all. The generation with the second-highest share of respondents with no debt was the Baby Boomer generation, in which nearly ** percent of respondents said they had no debt.

Key information about Australia Household Debt: % of GDP

• Australia household debt accounted for 116.6 % of the country's Nominal GDP in Mar 2023, compared with the ratio of 118.0 % in the previous quarter.
• Australia household debt to GDP ratio is updated quarterly, available from Jun 1988 to Mar 2023.
• The data reached an all-time high of 129.4 % in Sep 2016 and a record low of 44.2 % in Sep 1988.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. The Australian Bureau of Statistics provides Household Debt in local currency and Nominal GDP in local currency.


Related information about Australia Household Debt: % of GDP

• In the latest reports, Australia Household Debt reached 1,957.6 USD bn in Mar 2023.
• Money Supply M2 in Australia increased 4.1 % YoY in Jun 2023.
• Australia Foreign Exchange Reserves was measured at 37.1 USD bn in Jun 2023.
• The Foreign Exchange Reserves equaled 1.5 Months of Import in May 2023.
• Australia Domestic Credit reached 3,627.0 USD bn in May 2023, representing an increased of 1.9 % YoY.
• The country's Non Performing Loans Ratio stood at 0.8 % in Mar 2023, compared with the ratio of 0.8 % in the previous quarter.

According to a 2024 survey on buy now pay later (BNPL) services, the average amount of debt BNPL users carried in Australia as of July 2024 stood at approximately *** Australian dollars. The BNPL debts in Australia peaked in January 2022, when users had an average BNPL debt amount of **** thousand Australian dollars.

According to a survey conducted in November 2023 among Australian consumers, ** percent of respondents accumulated debt in the form of credit cards. According to the source, 2023 Buy Now, Pay Later (BNPL) services became the second most common form of personal debt in Australia.  Personal debt on the rise According to a survey, the average value of personal debt (excluding home loans) across all generations in Australia had increased between 2020 and 2021. While this is unlikely only attributed to the accessibility of BNPL services, some financial advisors have voiced their concerns about the overuse of such services. In a recent survey among financial advisors, most respondents stated that among their clients with BNPL debt, the majority were struggling to pay living expenses. Buy Now, Pay Later services Buy Now, Pay Later services are widely available across Australia. As the name implies, consumers can purchase a product immediately using a credit service, while paying off the purchase amount in pre-agreed installments. Little to no fees are charged unless the installment payments are not made as agreed. A quarter of Australians who shop online have used this form of payment on clothing or accessory purchases. Afterpay, Zip, and Latitude Pay were all commonly known BNPL services in the country. It is not uncommon for consumers to have multiple BNPL accounts, largely because a particular store did not offer an existing service provider.

Key information about Australia Debt Service Ratio: Households

• Australia Debt Service Ratio: Households was reported at 17.500 % in Sep 2024
• This records an increase from the previous number of 17.400 % for Jun 2024
• Australia Debt Service Ratio: Households data is updated quarterly, averaging 15.300 % from Mar 1999 to Sep 2024, with 103 observations
• The data reached an all-time high of 18.200 % in Jun 2008 and a record low of 10.000 % in Mar 1999
• Australia Debt Service Ratio: Households data remains active status in CEIC and is reported by Bank for International Settlements
• The data is categorized under World Trend Plus’s Association: Banking Sector – Table RC.BIS.DSR: G2 Households (HH) and Non-Profit Institution Serving Households (NPISHs): Quarterly

The Debt Collection industry's performance tends to improve when economic conditions are weak, as these factors can elevate business bankruptcies and cause more households to default on loans. On the other hand, a strong economy and tight lending practices can dampen debt collection agencies' performance. Households and businesses pay down debts when the economy is performing well, while tighter lending practices leads to better loans that are less likely to default.While economic conditions weakened in the COVID-19 outbreak's aftermath, the government provided businesses with assistance via stimulus measures to ensure that they could remain in operation. This factor dampened business bankruptcies during the pandemic, dulling demand for debt collection services. Long-term drops in business bankruptcies, the household debt to assets ratio and the ratio of credit card debt to discretionary income have cut into industry profit margins. Despite these trends, debt collection agencies are starting to recover. Inflationary pressures have been ramping up, and the RBA has been raising the cash rate consistently to combat this climb. Resulting rises in interest rates and the cost of borrowing have made it more likely for households and businesses to accumulate bad debt. Revenue is expected to fall at an annualised 7.1% to an estimated $1.2 billion over the five years through 2023-24. However, this trend includes an expected rise of 9.4% in 2023-24, as recovering demand for debt collection services has sparked improved performance.Debt collection agencies' performance is set to keep recovering over the next few years. Climbing interest rates will lift the ratio of interest payments to disposable income, making it more likely that downstream markets will seek out debt collection services. Agencies are also likely to improve their profit margins; many debt collectors are implementing process automation via web portals, which can improve productivity and automate communications functions like sending emails and messages. Growth opportunities are also on track to arise for debt collectors, as more companies will be outsourcing receivables management to specialists in the industry – particularly companies in the finance, insurance, banking and telecommunications sectors. Overall, revenue is forecast to climb at an annualised 1.1% to an estimated $1.3 billion over the five years through 2028-29, reflecting the industry's improved operating conditions.

Household debt to GDP, in percent in Australia, December, 2024 The most recent value is 112.1 percent as of December 2024, an increase compared to the previous value of 111.5 percent. Historically, the average for Australia from March 1990 to December 2024 is 91.54 percent. The minimum of 45 percent was recorded in September 1990, while the maximum of 124.4 percent was reached in September 2016. | TheGlobalEconomy.com

As of November 2024, the average remaining home loan balance was the highest in New South Wales, with an average outstanding balance of around ******* Australian dollars. In comparison, the average outstanding mortgage balance in Western Australia came to approximately ******* Australian dollars.

Australia recorded a Government Debt to GDP of 43.80 percent of the country's Gross Domestic Product in 2024. This dataset provides - Australia Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In financial year 2023, the average debt of cropping farm businesses in Australia was around **** million Australian dollars. The average debt of cropping farms increased overall in the reported period, but 2023 was the first year with a decline in debt.

Key information about Australia Private Debt: % of Nominal GDP

• Australia Private Debt accounted for 126.28 % of its Nominal GDP in Dec 2024, compared with a ratio of 125.31 % in the previous quarter
• Australia Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Mar 1990 to Dec 2024, with an average share of 109.83 %
• The data reached an all-time high of 139.33 % in Dec 2016 and a record low of 56.65 % in Mar 1990

CEIC calculates quarterly Private Debt as % of Nominal GDP from monthly Private Debt and quarterly Nominal GDP. Private Debt is calculated as the sum of Lending to Personal and Non Financial Sector. The Reserve Bank of Australia provides Private Debt in local currency. The Australian Bureau of Statistics provides Nominal GDP in local currency. Private Debt prior to Q2 2003 excludes Financial Businesses.

Debt service ratios for private non-financial sector in Australia, December, 2024 The most recent value is 21.7 percent as of Q4 2024, an increase compared to the previous value of 21.5 percent. Historically, the average for Australia from Q1 2000 to Q4 2024 is 20.07 percent. The minimum of 16.4 percent was recorded in Q1 2002, while the maximum of 25 percent was reached in Q2 2008. | TheGlobalEconomy.com

Key information about Australia Non Performing Loans Ratio

• Australia Non Performing Loans Ratio stood at 1.1 % in Dec 2024, compared with the ratio of 1.1 % in the previous quarter
• Australia Non Performing Loans Ratio data is updated quarterly, available from Jun 2004 to Dec 2024
• The data reached an all-time high of 2.2 % in Jun 2010 and a record low of 0.5 % in Dec 2007

CEIC calculates quarterly Non Performing Loans Ratio from quarterly Non Performing Loans and quarterly Total Loans. Australian Prudential Regulation Authority provides Non Performing Loans and Total Loans. Non Performing Loans Ratio prior to Q1 2022 is calculated from the sum of the Impaired Assets and those Past Due Items that are overdue for 90 days or more.


Further information about Australia Non Performing Loans Ratio

• In the latest reports, Money Supply M2 in Australia increased 5.3 % YoY in Jan 2025
• Australia Foreign Exchange Reserves was measured at 41.9 USD bn in Feb 2025
• The Foreign Exchange Reserves equaled 1.5 Months of Import in May 2023
• The country's Domestic Credit reached 3,589.5 USD bn in Jan 2025, representing an increased of 2.7 % YoY
• Household Debt of Australia reached 2,206.9 USD bn in Sep 2024, accounting for 116.6 % of the country's Nominal GDP

In financial year 2023, the average debt of beef farm businesses in Australia was around *** thousand Australian dollars. The average debt of beef farms ranged between *** to *** thousand Australian dollars over the reported period.

Australia Residential Mortgages: ADIs: Credit Outstanding data was reported at 2,288,546.400 AUD mn in Sep 2024. This records an increase from the previous number of 2,262,093.500 AUD mn for Jun 2024. Australia Residential Mortgages: ADIs: Credit Outstanding data is updated quarterly, averaging 2,000,551.000 AUD mn from Mar 2019 (Median) to Sep 2024, with 23 observations. The data reached an all-time high of 2,288,546.400 AUD mn in Sep 2024 and a record low of 1,790,106.800 AUD mn in Mar 2019. Australia Residential Mortgages: ADIs: Credit Outstanding data remains active status in CEIC and is reported by Australian Prudential Regulation Authority. The data is categorized under Global Database’s Australia – Table AU.KB024: Residential Mortgage: Credit Outstanding.

This line chart displays central government debt (% of GDP) by date using the aggregation average, weighted by gdp in Australia. The data is about countries per year.

Australia: Government debt as percent of GDP: The latest value from 2022 is 50.26 percent, a decline from 55.45 percent in 2021. In comparison, the world average is 59.99 percent, based on data from 174 countries. Historically, the average for Australia from 1989 to 2022 is 27.06 percent. The minimum value, 9.66 percent, was reached in 2007 while the maximum of 57 percent was recorded in 2020.

Australia: Short-term debt, percent of total external debt: The latest value from is percent, unavailable from percent in . In comparison, the world average is 0.00 percent, based on data from countries. Historically, the average for Australia from to is percent. The minimum value, percent, was reached in while the maximum of percent was recorded in .

Australia Household Finance: Ratio: Debt to Disposable Income: Housing data was reported at 135.114 % in Dec 2024. This records an increase from the previous number of 134.864 % for Sep 2024. Australia Household Finance: Ratio: Debt to Disposable Income: Housing data is updated quarterly, averaging 71.575 % from Mar 1977 (Median) to Dec 2024, with 192 observations. The data reached an all-time high of 138.800 % in Sep 2022 and a record low of 24.167 % in Mar 1977. Australia Household Finance: Ratio: Debt to Disposable Income: Housing data remains active status in CEIC and is reported by Reserve Bank of Australia. The data is categorized under Global Database’s Australia – Table AU.KB006: Household Finance Ratio.

In financial year 2023, the average debt of sheep farm businesses in Australia was around *** thousand Australian dollars. The average debt of sheep farms ranged between *** to 470 thousand Australian dollars over the reported period.