Trends in real average household disposable income since 1999-00
This shows how average household disposable incomes have grown in ‘real terms’ (after inflation) in Australia between 1999-00 and 2015-16. During the boom period from 2000 to 2008, average household disposable income grew by a remarkable 4.3% per year in real terms. This reflected rapid overall economic growth underpinned by mining and housing booms. However, in 2008, the Global Financial Crisis cut economic growth by half. This reduced average disposable income slightly the following year. Average income then slowly increased, and dropped slightly again in 2015-16.
Profile of each income group by age
This graph shows the make-up of each income group by age. 2017-18: The largest age-group in every income group are 25-64 year olds, reflecting their greater share of the overall population. However, older individuals are over-represented (66%) in the lowest 40% income group, as are children aged under 15 (45%). Almost half (48%) of people of working age, 25-64 years, were in the highest 40% income group, reflecting that age group’s larger size and greater earning capacity. 2015-16: The largest age-group in every income group are 25-64 year olds. However, older individuals are over-represented (29%) in the lowest 20% income group, and children are over-represented (23%) in the second 20%. In contrast, individuals found in the highest 20% are much more likely to be aged 25-64 years (68%).
Trends in average wealth
This shows changes in the real value (after inflation) of net household wealth. The average value of household wealth (minus debts such as home mortgages) rose steadily from $644,000 in 2003-04 to $836,000 in 2009-10, when the Global Financial Crisis occurred. Average wealth then dipped slightly to $802,000 in 2011-12 before rising again to $936,000 in 2015-16.
Inequality in Australia 2018 supplementary report
Download this at https://www.acoss.org.au/wp-content/uploads/2018/07/Inequality-in-Australia-2018_supplementary-report.pdf
