Yes I thought it was a really interesting insight into the financial circumstances of Australian households, too.
It goes beyond the usual simplistic comparison of gross incomes.
I found the average net worth of the lowest quintile quite interesting. I hadn't ever really thought about the number of pensioners (not all of course) sitting in mortgage free houses, meaning they are asset rich but cash poor, especially if they are only living on Govt payments and their own super (and their own super is likely small).
I hadn't either, kw - when I first read the percentage of people in that quintile living in their own home without a mortgage I was all a bit wtf. Then of course I realised it was people on the old age pension.
Very interesting. Goes to show that reality is much different to the perception.
I think technically we're in the highest bracket but when you throw in a Sydney mortgage, cuts in health insurance rebates, childcare fees and general bills we're hardly living the high life!
I think it's fair to say a lot of the 'you earn $100k you're rich' vs 'you get all my tax dollars' angst on BH comes from the middle three quintiles?
Yet in terms of disposable income there's only about $500 a week difference between the second and fourth percentiles and half that again between the second and third percentiles.
Throw in living costs and I'd wager the gap narrows even more.
I know the asset figures in the quintiles relate to everything and not just houses, but it's worth bearing in mind a $400k mortgage is around $3k a month - that's $36k a year.
I found that really interesting. It's interesting to see the post tax dollars and how there really isn't a huge difference across many brackets. I know until recently my husbands wage after tax and paying child support was only $100 more per fortnight than his ex wife recieved on a single parent payment plus child support. Not trying to start a debate but often after tax there's not a huge difference
Yeah and once you factor in the HUGE differences in out of pocket expenses for childcare that lessens the gap even more.
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