No growth for household incomes
By
Adam Smith
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31/08/2011 1:00:00 AM
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Household incomes in 2009-2010 showed no change from the year before, ABS figures have indicated.
Data released on CPI adjusted household incomes has indicated there was no significant change for low, middle or high income households. Moreover, the figures show the number of households deriving their income from SME ownership has fallen, while the number of households whose main source of income is a government pension or allowance has risen.
The study found that the highest income owners were the most likely to carry a mortgage, with 52.4% owning a home with mortgage debt. The lowest income earners, meanwhile, were most likely to own their home without a mortgage. The ABS attributed the high incidence of full home ownership among low income households to the high proportion of older people in this income bracket.
The figures also reveal a substantial gap between low and high income earners, with the wealthiest 20% of Australian households holding 62% of all household net worth, and the poorest 20% accounting for only 1% of total household net worth.
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