A recently released government report confirms something most Australians would already know – we have to learn to do more with what we have.
The Household, Income, and Labour Dynamics report provides a detailed analysis of the issues affecting Australian households. It’s been running for 17 years now so it provides good insight into how things have changed.
Virtually all the measures of real household income (household income after adjusting for inflation) show that we used to be able to rely on steady and significant increases in household income each year between 2001 and 2009. In fact, average real household income increased by $2,472 each year during this period. So, to some extent, if we over spent or over committed we didn’t have to worry too much because our income would probably soon catch up with our spending or our debt.
But, from 2009 to 2017 average real household incomes have risen $3,156 in total (so about $400 per year). Median real household incomes in the same period have actually gone backward!
So, now we have no choice but to learn to do more with what we have.
Other interesting findings in the report include:
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This summary has been prepared by MoneyBrilliant Pty Ltd (AFSL 492711). The information in this summary is of a factual nature only. We are not suggesting or recommending that you take any particular course of action in relation to any financial product or service. It does not take into account your personal circumstances or objectives. If you need financial advice or taxation advice you should seek advice from a licensed financial adviser or tax agent.
Peter is the CEO of MoneyBrilliant. He has over 20 years experience in banking, insurance and accounting. Peter has three sons, ranging in age from 16 to 3, is a sport and fitness fanatic and a volunteer firefighter. He is passionate about improving people's lives through making financial services more accessible.