By Mark McCrindleWednesday 19 Apr 2023NewsReading Time: 2 minutes
Curious about how wealth and income are distributed across the different generations in Australia?
Using data from the Australian Bureau of Statistics, McCrindle breaks down Australia’s income and wealth distribution.
This infographic features key statistics and visuals demonstrating the average household income and net worth in Australia.
Also, it displays how wealth and income are divided among the population.
Australia’s income and wealth distribution by generation
The average full-time annual earnings equal $97,510.
Household gross annual income is at $121,108.
Generation Y households make up 15 per cent of the population and own 5 per cent of the national wealth, with an average household net worth of $353,800.
Boomers are the best off financially, having around double the share in national wealth compared with their population size.
Interestingly, the Older Boomers (age 65-74) and Builders (age 75+) have an average income below the national average, but they have a net worth above the national average.
This demonstrates the effects of wealth accumulation while income tapers off into retirement.
The Gap Between Rich and Poor
The average earnings of the top 20 per cent are 12 times the average earnings of the bottom 20 per cent.
The wealth of the average household in the top 20% per cent is 93 times the average wealth of those in the bottom 20 per cent.
The average household gross income is $121,108, but the top 20 per cent of households earn 48 per cent of all income.
The bottom 20 per cent is left with 4 per cent of Australia’s income.
With higher wealth and income levels than ever, are we any better off?
“For most Australians, income is the most important resource they have to meet their living costs. However, reserves of wealth can be drawn upon to maintain living standards in periods of reduced income or substantial unexpected expenses. Considering income and wealth together helps to better understand the economic wellbeing or vulnerability of households.” – Australian Bureau of Statistics
Are we better or worse off than our parents?
From 1981 to 2021, the average full-time total earnings for Australian adults increased 5.9 times, from $15,800 (1981) to $93,500 (2021).
In 2023, the average adult full-time wage is $97,510 with median house prices across Australia at $1,008,988 (or 10.3 times the average earnings).
No wonder Millennials are living at home longer and studying longer. 
Wealth and Income infographic
Curious about how wealth and income are distributed across different generations in Australia?
This infographic provides a detailed look at the annual income and household wealth of Builders, Baby Boomers, Generation X, Millennials, and Generation Z.
Article supplied with thanks to McCrindle.
About the Author: McCrindle are a team of researchers and communications specialists who discover insights, and tell the story of Australians – what we do, and who we are.
Feature image: Photo by Miles Burke on Unsplash