In the USA, median incomes have barely moved in decades, and we are seeing the same in Australia. Between 2012 and 2018 median household incomes dropped from $81,413 to $81,310. That’s not a big drop, but it does show a lack of income growth for the average person or family.
Meanwhile:
In 2002, 68.1 per cent of people owned a home. But by 2018 this had fallen to 63.9 per cent…
Investment property debt was carried by 7.7 per cent of households in 2002, but this had risen to 11 per cent by 2018.
This is what the numbers are saying – people with high incomes had increased earnings, while ordinary people have no growth. And that increased wealth is being put into investment properties, while increasingly ordinary people are finding home ownership too expensive – their wages are stagnant but property prices continue to rise.
Source: https://thenewdaily.com.au/finance/finance-news/2020/11/19/hilda-report-inequality-rises/