Are We All Getting Richer – or Just Some of Us?

Posted on Feb 12, 2013 | 0 comments

money bag

A new report from Phil Ruthven’s IBISWorld provides stunning evidence of the increase in wealth of the ‘average’ Australian household over the last couple of decades.

For example on average the 9 million Australian households currently have an annual income of a little over $127,000. If the imputed investment income of the family home is included, the average income per household increases to close to $140,000.

This compares to an average household income in 1985 of just over $40,000. Or about $105,000 in 2012 dollars.

But while these averages show a robust increase in wealth the gap between rich and poor is growing. The richest 20% of households have 47% of the nation’s gross household income, and the bottom 40% just 14%.

For many small business people this gap is a day to day reality. They entered business to make better lives for themselves and their families but many are struggling to make ends meet. There are solutions to doing it tough in small business: if your business is not performing as you imagined it would give us a call – we can help.

The IBISWorld report can be found here.

 

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