AMP.NATSEM Income and Wealth Report Issue 20 - Advance Australia Fair?

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Abstract

From 2001 to 2006 Australia experienced unprecedented prosperity - with some people drawing comparisons to the golden era of the 1950s. But instead of riding on the sheep's back, as we did back then, in 2006 Australia was riding on the back of a prolonged resource boom driven by record demand. So we had a prosperous nation but did this mean good times for all Australians? The 20th AMP.NATSEM Income and Wealth Report, Advance Australia Fair?, takes a critical look at trends in income, unemployment, immigration and other socio-economic factors for different geographic regions of Australia, rather than individual Australians - drawing on Census data from 2001 and 2006. The report found that while the gross income of the average Australian household grew by 31 per cent during the period, incomes in affluent areas increased more rapidly, at 36.5 per cent for the wealthiest suburbs, compared with the poorest suburbs where income increased by 29 per cent. While it's easy to conclude the divide between rich and poor is growing the picture is in fact much more complex. For many areas, including the most affluent, the benefits of a bigger pay cheque have been well and truly offset by the increase in housing and living costs.

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