Income is the amount that is received in a given period of time. It is a flow of funds.
How is income distributed in Australia?
According to the ABS - in 1999-2000, the richest 20% of income units received 48.5% per cent of total income. The poorest 20% of income units received less than 4% of total income.
Note: Income units are made up of one person or a group of related persons within a household, whose incomes are assumed to be shared.
What are the main sources of Income in Australia?
The main sources of income are: -
Wages and salaries – 56%
Business profits – 21%
Property income – 9%
Social security – 10%
What is Wealth?
Wealth is the value of the things a person owns at a point in time. It is a stock of assets. Wealth distribution shows greater inequality. In 1998 the richest 20% of income units owned 65% of the total wealth. The poorest 20% had negative wealth – They were in debt.
What are the main sources of Wealth in Australia?
The main sources of wealth are:-
Land, houses, units – 57%.
Business assets – factories, capital, shares – 28%