Household income has fallen for most Australians since 2013-14

Cornelia Mascio
Settembre 13, 2017

The Australian Bureau of Statistics' survey of household income and wealth shows mean disposable household income, taking into account the size of households, fell to $1009 a week for 2015-16.

Wealth inequality, however, had remained steady and is nearly double that of income inequality.

"Since 2007-08, inequality has varied within a relatively narrow range, from 0.320 (2011-12) to 0.333 (2013-14). In 2015-16, income inequality remains within that range, at 0.323".

In the four years between 2003-04 and 2007-08, average weekly household income grew by $213 in real terms to $982. In the following eight years to 2015-16, it grew by only $27 to $1,009.

Wealth is less equally distributed than income amongst Australians.

More recently, since the last survey in 2009-10, the biggest increases in spending on goods and services by households have been in education (44 per cent), household services and operations, such as cleaning products and pest control services (30 per cent), energy (26 per cent), health care (26 per cent) and housing (25 per cent).

"By comparison, those in the middle 20 per cent held 11 per cent of all household wealth, averaging $528,400 per household in 2015-16".

"We can broadly think about household spending as either being for "basics" or for "discretionary" purchases - with basics covering essentials such as housing, food, energy, health care and transport", ABS Chief Economist, Bruce Hockman said.

"Jump forward to 2015-16, and housing is now the largest contributor (20 per cent), followed by food (17 per cent), and transport costs (15 per cent)". "The lowest 20 per cent controlled less than 1 per cent of all household wealth, with average wealth now at $36,500".

After property, superannuation is the next largest contributor to household wealth and it has also increased over time.

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