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Australian wealth

Australian wealth

Old Sep 19th 2002, 5:15 am
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Default Australian wealth

Yet more useless imformation?



Young families getting poorer

By Alan Thornhill

CANBERRA

YOUNG families are getting poorer in Australia as the already vast gap widens between the nation's rich and poor.

A report by the National Centre for Social and Economic Modelling showed that the wealthiest 20 per cent of Australians were 40 times richer than the poorest 20 per cent.

It said house prices were freezing thousands of young families out of the property market, which was overwhelmingly the base of private wealth growth in Australia.

The report showed families in the 25 to 34-year age bracket saw their average wealth fall, after allowing for inflation, from $198,000 in 1993 to $121,000 this year.

It also found the richest 20 per cent of households held 55 per cent of the wealth - they are worth an average of $772,000 each - while the bottom 40 per cent shared less than 8 per cent.

The Financial Planning Association, which commissioned the research, said the findings confirmed that certain assets, such as shares, were concentrated heavily in the hands of the wealthy.

The report said average family wealth in Australia had grown 3.9 per cent a year since 1993, in real terms, to $280,000. The centre said $155,000, or 55 per cent, of that was held as equity in the family home. Superannuation was the next most significant asset at almost 20 per cent of the wealth of the average household.

For the least affluent 20 per cent, superannuation represented almost all their wealth. For the richest 20 per cent, superannuation represented only 12 per cent of wealth.

The report said the superannuation average was $56,000, shares $34,000, $17,000 in bank or other deposits and $18,000 in rental property investments. The centre estimated the average wealth of WA families at $243,000.
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Old Sep 19th 2002, 7:02 am
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Default Re: Australian wealth

Personally, I think this type of post would be most interesting to people immigrating. not the sort of thing you find out in brochures and it certainly gives a Picture of life here.

There was a rather nasty letter in the Sunshine coast Daily on the weekend, which was complaining that most of the UK Immigrants were not actually wealthy but just people who could see their meagre assets converting to a decent house here. Which does seem to be the most popular reason for immigrating here.

The letter was incredible tho, raving on about getting rid of the world multculturalism!, and claiming figures had been divided into black and white immigrants!!! It also said most immigrants refuse to integrate and breed out of control!!!.
It certainly made me wonder if we had slipped back into white Australia, it really is hard to believe that we are in 2002, not 1902. That is probably my biggest hate of Australia, the narrow minded, backward idiots who dont even understand that the reason we need immigrants is to support an ageing population. As for black and white this is a Black Persons country in Asia, so I never understand this type of letter.

Sorry to get that off my chest but I really dont think some people understand why people here get so peed off with it sometimes. Its not only the computers and TV's that are backward.
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