Rich Australians 15% richer under a Gillard government-ABS

[mellie]

MEDIA RELEASE

14 October 2011
Embargoed: 11.30 am (Canberra time)

127/2011

Richest households 15% richer

The wealthiest 20% of households have increased their average net worth 15% since 2005-06 (CPI adjusted), while the poorest 20% of households saw only a 4% rise, according to the Australian Bureau of Statistics (ABS).

These wealthy households had an average net worth of $2.2 million per household, and accounted for around two-thirds of total household wealth. The poorest 20% of households had an average net worth of $32,000 per household, which accounted for 1% of total household wealth.

The average wealth of an Australian household in 2009-10 was $720,000, up 14% (CPI adjusted) since 2005-06.

There were differences in the average levels of wealth between the states and territories. Average net worth in Queensland, South Australia and Tasmania were below the national average.

Household wealth was more concentrated in metropolitan areas. The average net worth of households located in capital cities was $772,000 as compared with $629,000 in areas outside of capital cities.

Owner-occupied homes were the main asset held by Australians. Mortgages on them were the main liability, with over two-thirds of Australian households owning their own home either outright or with a mortgage.

For households who owned their home outright (2.7 million households), the average value of the home was $541,000. For those households with a mortgage on their home (3 million households), the average value of the home was $521,000, and the average mortgage outstanding was $188,000, giving a net home equity of $333,000.

One in five households owned property other than their own home, including holiday homes and rental properties.

Superannuation was the main financial asset held by households, with three-quarters of all households having some superannuation assets.

For households with superannuation, the average value of their superannuation was $154,000, but for half of these, the value was less than $60,000.

More information can be found in Household Wealth and Wealth Distribution, Australia, 2009-10 (cat. no. 6554.0).

Media notes:
· When reporting ABS data you must attribute the Australian Bureau of Statistics (or the ABS) as the source.

This page last updated 20 October 2011

http://www.abs.gov.au/ausstats%5Cabs@.n ... endocument


So what happened to slogging the rich to feed the poor?

Finally, proof the rich have gotten richer, and the poor, poorer under a Labor government.

[mantra]

Labor is not the party it used to be and contrary to Kevin Rudd's election promise of quelling extreme Capitalism - it's flourishing as we have never seen it before.

Still - once the carbon tax takes effect - perhaps the government believes some balance will be restored.

[mellie]

Labor is not the party it used to be and contrary to Kevin Rudd's election promise of quelling extreme Capitalism - it's flourishing as we have never seen it before.

Still - once the carbon tax takes effect - perhaps the government believes some balance will be restored.

ha ha ha, if they wont distribute our wealth evenly, what makes you think it will be any different when it comes to their highly sort after carbon- tax revenue?




I feel much better knowing Gillard gave herself a 300% wage increase in 3 stages over 12 months, (the next is due on the 5th of November) don't you? Feel so much better I mean.



Good to know where my taxes are being spent, where on earth would we be without her, god love her, she's saved the world, and why?

Because the rate we are going we will have starved to death, and as you know, dead people don't fart or emit greenhouse gasses, they decay and produce carbon though, so like Bob Brown suggests, lets start taxing corpse's too.

Waste not want not.


-Grinz

[freediver]

Sounds fine to me. Everyone is better off. I suspect changes to taxation had an influence on this. However, that was largely a correction for bracket creep. I think you'll find that in the decades prior to this, a big chunk of that 20% moved up a bracket or two, and that this movement was due to bracket creep, not greater income.

[mellie]

It's the middle class that stand to dip out most.

[Bart]

Still - once the carbon tax takes effect - perhaps the government believes some balance will be restored.

good one

[Neferti]

good one

Obviously off her meds.

[Bart]

You don't understand politics do you neffie?
it's ok, we all know that you don't as it is plainly obvious

[Neferti]

You don't understand politics do you neffie?
it's ok, we all know that you don't as it is plainly obvious

You should find yourself a real job, Mel. Moving house and teenagers seems to have made your mind a cog loose or three. Perhaps a dose of SEX would make you more amiable.

Politics has nothing to do with the odd people you meet who come across as someone one would AVOID at all costs in a social situation.

In other words, you are a fuckwit.

[Bart]

You don't understand politics do you neffie?
it's ok, we all know that you don't as it is plainly obvious

You should find yourself a real job, Mel. Moving house and teenagers seems to have made your mind a cog loose or three. Perhaps a dose of SEX would make you more amiable.

Politics has nothing to do with the odd people you meet who come across as someone one would AVOID at all costs in a social situation.

In other words, you are a fuckwit.

Once again you lose
But a simple No to the question was all that was required.


Oh and maybe you should direct your profanity to the person when they arrive.
But guess you just prefer changing your sox to notice anything