AUSTRALIA’S INCOME AND WEALTH DISTRIBUTION
With higher wealth and income levels than ever are we any better off?
“For most Australians, income is the most important resource they have to meet their living costs. However, reserves of wealth can be drawn upon to maintain living standards in periods of reduced income or substantial unexpected expenses. Considering income and wealth together helps to better understand the economic wellbeing or vulnerability of households.” – Australian Bureau of Statistics.
Income and wealth distribution by generation
Generation Y households make up 15% of the population and own 5% of the share of the national wealth with an average household net worth of $353,800.
Boomers are the best off financially, having around double the share in national wealth compared to their population size.
Interestingly both the Older Boomers (age 65-74) and Builders (age 75+) have an average income below the national average, but both have a net worth above the national average. Showing the effects of wealth accumulation while income tapers off into retirement.
The gap between rich and poor
The average earnings of the top 20% are 12x the average earnings of the bottom 20% and the wealth of the average household in the top 20% is 93x the average wealth of those in the bottom 20%.
Are we better or worse off than our parents were?
From 1981 to 2021, the average full-time total earnings for Australian adults increased 5.9 times, from $15,800 (1981) to $93,500 (November 2021).
You can download the free PDF Infographic from McCrindle here>>> Wealth and Income infographic – McCrindle
And this useful Population Map here >>> Australia-Population-Map-Infographic-2023 (mccrindle.com.au)
