Weak wage growth has Aussies stuck in debt trap

Sydney

AUSTRALIANS' average weekly household income grew by A$213 (S$230) between 2004 and 2008. Since then, it's increased by a total of A$27.

The extremes roughly reflect a surge and fall in export income - as industrialising China sent demand for iron ore and coal rocketing. But despite their stagnant wages, just over a quarter of Australians have amassed debts equal to three times their income - mostly as housing surged during a central bank easing cycle designed to cushion the end of the mining investment boom.