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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
UK passport control hit by outage causing long waits at airports
Fed’s Kashkari says rates likely on hold for ‘extended period’
China’s Xi lands in Serbia after talking Ukraine, trade in France
Stormy Daniels details alleged sex with Trump at hush money trial
Indian vote body tells X to remove Modi party video targeting Muslims, opposition
Inflation-hit Argentina has a new top banknote, worth just US$10