Australian household wealth falls

(MENAFN) Australian Bureau of Statistics (ABS) released figures showing Australian family wealth the last two years was at an average of USD657,620 which represents the first drop since 2003, Xinhua reported. The report shows that households in the top fifth of the wealth distribution in Australia dropped 6 percent in the period down to USD2 million while households in the bottom fifth had their wealth drop by 7 percent to USD28,168. Nonetheless, Australia, during the period, performed good in comparison with other countries. Peter Whiteford, professor of economics at Australian National University, said: "Median household wealth in the U.S. fell 35 percent between 2005 and 2010 to 67,000 U.S. dollars."