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If you’re wondering where you sit in regard to earnings or assets, new figures from McCrindle make interesting reading. Could it be time to ask for a pay rise, or consider new ways to save or invest?
The research company found:
* The average full-time annual earnings are $97,510 with household gross annual income at $121,108.
* Generation Y households make up 15% of the population, but own only own 5% of the share of the national wealth with an average household net worth of $353,800.
* Boomers are the best off financially, having around double the share in national wealth compared to their population size.
* The average earnings of the top 20% are 12x the average earnings of the bottom 20% and the wealth of the average household in the top 20% is 93x the average wealth of those in the bottom 20%.
* While the average household gross income is $121,108, however the top 20% of households earn 48% of all income. With the bottom 20% who are left with 4% of Australia’s income.
* From 1981 to 2021, the average full-time total earnings for Australian adults increased 5.9 times, from $15,800 (1981) to $93,500 (November 2021). Today the average adult full time wage is $97,510 with median house prices across Australia at $1,008,988 or 10.3 times the average earnings.