Forgotten part of the affordability debate: full-time workers now average $66,000

Posted on 16/05/2011  

The typical Australian worker is now earning over $1,000 a week, according to new figures from the Australian Bureau of Statistics.

The ABS's annual employee earnings data shows a new milestone for Australia's 9.8 million workers, with pay increases lifting average weekly earnings for workers (the average for all workers, including part-time workers) into four figures for the first time.

The average weekly pre-tax income in 2010 was $1,035, a rise of $40 from the previous year, to take the annual salary to $53,820.

The average male worker earns $1,227 a week while female workers earn $819 a week on average.

Full-time workers now average $1,267 a week in pay, or $65,884 a year, and part-time workers have an average income of $468 a week, or $24,336 a year.

The steady rise in incomes is the forgotten part of the affordability equation. House prices have risen in recent years but so too have wages. And, indeed, in 2010 the rise in average weekly incomes (4%) was larger than the average rise in house prices across Australia (3%).

This is why the relativity between incomes and house prices hasn’t changed much in recent years, according to Reserve Bank governor Glenn Stevens, contradicting media misinformation about Australia having the world’s most unaffordable homes.

ENDS

 

 

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