![]() ![]() The average income of a model rich household averages $4,166 per week ($216,627 pa), according to the research. In the top category, couples with two full-time wages dominated the highest 20%. Such households are likely to maintain a fair asset base. Here, the couple is essentially raising dependent children with one partner earning about $85,000pa and the other an average low of $30,000pa. The middle 20%, generates an average weekly income of $1,884 ($97,986 pa), the report stated. The middle-income earners typically comprise couples with children living off one fulltime job and a part-time wage. A household on Jobseeker Payment earns about $341 or $610 weekly in social security payments for a single individual and a single parent with children respectively. This category typically comprises the individuals relying on JobSeeker Payment. The research which sought to compare the nation’s upper, middle and lower wealth and income rungs further uncovered that the top 20% with wealth averaging $3.3 million own at least 99 times the wealth held by the lowest 20%, with an average of about $36,000.Īccording to Acoss, the lowest 10% earn an average weekly wage of $592 or $30,784 annually. Coming in second are about 30% of the “comfortable middle” holding about 38% of Australia’s household wealth, leaving a 16%-stake to the rest. In a last year study, Acoss noted that close to half of Australia’s private wealth is owned by 10% of the country’s richest. So what exactly is going on with Australia’s well-off, middle class, and the low earners? ![]() Latest figures from the Australian Bureau of Statistics suggest that wealthy Australians are pulling away from the rest of the country, raising the inequality gap to a record high. And the Coronavirus, too, has caused an economic shakeup like never seen in decades, further reconstructing the very nature of wealth and income distribution in Australia.īut amid plans to recover from the ravaging pandemic, one thing remains clear – the rich are getting richer. Here at home, studies have shown the clear lines that segment the rich, the comfortable middle and the rest. He was referring to the enlarging gap between the rich and the poor in the US. “If poor people knew how rich rich people are, there would be riots in the streets.” Those are the exact words of American actor and comedian Chris Rock during a past interview with New York magazine. ![]()
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