Median household income rose to $7,870 last year, inequality down
Published on Feb 18, 2014 1:32 PM
Median household income rose to $7,870 last year, 4 per cent up from 2012, according to a Department of Statistics release on Tuesday. After accounting for inflation, the rise was 1.6 per cent from 2012.
Taking household size into account, median monthly household income per household member rose by 5.6 per cent in nominal terms, or 3.2 per cent after taking inflation into account.
And income rises were across the board. Apart from the top 10 per cent of resident employed households, average monthly household income rose for all other deciles, both in nominal and real terms.
Inequality also fell, as measured by the Gini coefficient, a measure of inequality that ranges from zero with total equality to one with total inequality. It fell from 0.478 in 2012 to 0.463 in 2013. If government transfers and taxes are taken into account, the Gini coefficient for 2013 would be 0.412.