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New stats for income and wealth AVERAGE real household incomes in 2005-06 are 10 per cent higher than in 2003-04 and 34 per cent higher than in 1994-95, according to the latest survey results released by the Australian Bureau of Statistics.The real income of high income people rose by 36 per cent over the eleven years to 2005-06. This compares to a rise of 31 per cent for low income earners and 32 per cent for middle income earners. Middle income households contained fewer employed people than high income households (1.5 compared to 1.9). Low income households had an average of 0.6 employed people. Of the selected life cycle groups identified in today's report, people living in older households (where the reference person was aged 65 and over) had the lowest mean incomes in 2005-06. In this particular life cycle group, older persons living alone were more likely than older couples to have government pensions and allowances as their principal source of income (78 per cent compared to 68 per cent), while older couples were more likely to fully own their own home (86 per cent compared to 74 per cent). At the national level, mean incomes in the capital cities of Australia were 16 per cent above those outside capital cities. There were also considerable differences in the average levels of income between the states and territories. Average incomes in the Australian Capital Territory were well above the national average and incomes in Tasmania and South Australia were at least 6 per cent below the national average. The wealthiest 20 per cent of households in 2005-06 accounted for 61 per cent of total household net worth, with average net worth of $1.7 million per household. In comparison, the poorest 20 per cent of households accounted for 1 per cent of total household net worth and had an average net worth of $27,000 per household. |
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