Almost two-thirds of Australians saw no increase in their income during the past financial year, new figures show.
A Members’ Equity Bank survey also found one in four people had less than $1,000 in the bank, with half of those struggling Australians having a bank balance under $100.
Almost two-thirds, or 64 per cent, of people saw no increase in their income in the 2018-19 financial year. Almost two-thirds of Australians saw no increase in their income during the past financial year, new figures show (file picture) Almost two-thirds of Australians saw no increase in their income during the past financial year, new figures show (file picture)
The situation was particularly bad for 25 per cent of Australians who saw their incomes fall.
ME Bank consulting economist Jeff Oughton said ‘subdued wages’ were a major factor.
‘A significant number of people are getting income cuts,’ he told Daily Mail Australia.
‘In the labour market, you’ve got one in two people saying it’s difficult to find another job so there’s certainly no signs of a pick-up in incomes.’ A Members’ Equity Bank survey found one in four people had less than $1,000 in the bank, with half of those struggling Australians having a bank balance under $100 (file picture) A Members’ Equity Bank survey found one in four people had less than $1,000 in the bank, with half of those struggling Australians having a bank balance under $100 (file picture)
The ME Bank’s financial comfort index for the first half of 2019 – based on a survey of 1,500 households – gave full-time workers a score of 5.86 out of 10, a fall of three per cent in six months.
Part-time workers had a score of 5.1 out of 10, marking a four per cent decrease.
Casual workers had a score of 5.02 out of 10, a drop of one per cent while the self-employed had a rating of 5.57, or a three per cent decrease.
‘The working Australians, their comfort is down significantly,’ Mr Oughton said.Australians have been suffering from flat wages for more than five years, with annual salary increases failing to rise above the 2.5 per cent level since early 2014. ME Bank consulting economist Jeff Oughton (pictured) said ‘subdued wages’ were a major factor ME Bank consulting economist Jeff Oughton (pictured) said ‘subdued wages’ were a major factorSalary increases halved between 2011 and 2017, to a paltry two per cent.The Reserve Bank of Australia is expecting […]
