Low-income growth is not something new that has just crept up on the economy and explains why Australian households may be struggling to make end meets.
New figures released by the Australian Bureau of Statistics show that in the four years between 2003/04 and 2007/08, the average weekly household income grew by $274 to $982, but in the subsequent eight years to 2015/16 it grew by only $27 to $1009 in inflation adjusted terms.
In its two-yearly survey of income and housing, the ABS found average household wealth increased 11 per cent between 2013/15 and 2015/16 to $929,400, largely as a result of rising property values.
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