HOUSEHOLDS – ECONOMIC ASPECTS – AUSTRALIA

Income hit to living standards

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 8 : 4-Jun-15

New figures show that Australia’s real GDP grew by a higher-than-expected 0.9 per cent in the March 2015 quarter, and by 2.3 per cent year-on-year. However, real GDP growth has remained below the long-run average for the last 11 quarters, while average income has fallen in each of the last four quarters. Treasurer Joe Hockey says the GDP data highlights the continued strength of the domestic economy, but economist Dr Andrew Charlton is concerned about the outlook for the economy and the nation’s living standards.

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AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN BUREAU OF STATISTICS, ALPHABETA, THE BOSTON CONSULTING GROUP PTY LTD, RESERVE BANK OF AUSTRALIA, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, CITIGROUP PTY LTD

Living standards rise again

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Original article by Jacob Greber
The Australian Financial Review – Page: 5 : 24-Mar-15

Research by the National Centre for Social & Economic Modelling at the University of Canberra shows that household incomes in Australia rose by 2.7 per cent in 2014. Meanwhile, the cost of living increased by just 1.4 per cent. The latter trend is the result of lower energy costs

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UNIVERSITY OF CANBERRA. NATIONAL CENTRE FOR SOCIAL AND ECONOMIC MODELLING, RESERVE BANK OF AUSTRALIA

Home care costs to rise in ageing nation

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Original article by Nassim Khadem
The Australian Financial Review – Page: 15 : 14-Jan-15

A report produced by the Association of Superannuation Funds of Australia examines the estimated household budget that retirees will need for both a "modest" and "comfortable" lifestyle in retirement. It concludes that people in their 90s will generally need less income in retirement than those in their 70s, although most will also require a higher level of care in their home. More than 50 per cent of older retirees still live in their own home

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THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, AUSTRALIA. DEPT OF THE TREASURY

Debt soars on the home front

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Original article by David Uren
The Australian – Page: 2 : 5-Jan-15

A report from the Reserve Bank shows that Australia’s total housing debt now exceeds total household income by 39 per cent. This compared with a differential of just 29 per cent prior to the global financial crisis (GFC). Meanwhile, the interest paid on mortgage loans now accounts for about 7.2 per cent of household income, down from nearly 11 per cent prior to the GFC. The figures also show that total household assets significantly exceed household disposable income

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RESERVE BANK OF AUSTRALIA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Share of top 1 per cent flattens out

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Original article by Jacob Greber
The Australian Financial Review – Page: 1 & 4 : 28-Jul-14

The University of Melbourne has used tax data to estimate that Australia’s highest income-earners accounted for 7.7 per cent of the nation’s income in 2011. This has remained relatively steady since 2006, after rising in the previous two decades or so. In contrast, the so-called one per cent in the US account for nearly 20 per cent of national income, a figure that has risen significantly in the last decade. However, shadow assistant treasurer Andrew Leigh contends that income inequality in Australia is at a long-term high

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UNIVERSITY OF MELBOURNE, AUSTRALIAN NATIONAL UNIVERSITY, AUSTRALIAN LABOR PARTY, LIBERAL PARTY OF AUSTRALIA, PARIS SCHOOL OF ECONOMICS, UNIVERSITY OF MELBOURNE. INSTITUTE OF APPLIED ECONOMIC AND SOCIAL RESEARCH

Case for electricity tariff reform ‘clear’

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Original article by Adam Creighton
The Australian – Page: 18 : 18-Jul-14

AGL Energy’s chief economist, Paul Simshauser, argues that adopting an electric power tariff system based on the time of use could boost economic activity. He estimates that productivity could potentially increase by around $A1.6bn annually. Research by AGL suggests that nearly 66 per cent of Australian households that take up time-based tariffs are financially better off. He says an opt-out system for flexible tariffs may be the best approach

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AGL ENERGY LIMITED – ASX AGK