Australia still ranked second on global household debt

Australia has again taken the silver medal for having the world’s second most indebted households according to the latest data from the Bank for International Settlements (BIS).

The next table shows the ratios of household debt to GDP as at the March quarter of 2019. As you can see, Switzerland (130%) has again taken gold with Australia (119%) taking silver and Denmark (115%) bronze. The Netherlands (102%), Canada (100%) and Norway (100%) round out the top five:

The below chart tracks these ratios across the Anglosphere, with Australia way out in front of the other English-speaking nations with a ratio that is also well above Ireland’s at its peak (117.2%):

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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.