According to Australian media, Australian young people are getting poorer, while retired seniors are getting richer.
Why is that?
Australian media have given the answer, Australia`s elderly have more real estate.
According to an analysis of nearly 15 years of data from the Australian Bureau of Statistics, the average net wealth growth of nearly retired Australians is seven times that of Australians between the ages of 25 and 34. Seven times!
Australia`s average wealth between 55 and 64 is A $1.24 million, according to data. An increase of A $844000 compared to 2000. The figure is only A $ two hundred and sixty eight thousand nine hundred and ninety nine for Australians aged 20 to 30, an increase of A $ one hundred and twenty thousand from 2000.
Economists and social researchers in Australia say the wealth gap between Australia`s young and older people is only growing due to soaring house prices and rising pension levels in Australia. ABS data show that Australians in general have a record amount of wealth, including more than A $1 trillion in deposits and more than $ eight hundred and thirty five million nine hundred and ninety nine thousand nine hundred and ninety nine in stock market capitalisation. It also suggests that the fund`s wealth balance is only soaring among Australia`s "elderly" population, but that young people in their mid-20s barely get a slice of it.
Australian economist Jeff Orton (Jeff Oughton) says older Australians are optimistic about their income, increasing their income by at least 9.5 percent a year.
"this is not only a rise in the value of real estate, but also a preferential pension system in Australia. They get more every week, and only get richer. "Australians, on average, have at least A $ one hundred and fifty thousand in assets when they retire, but young Australians are starting to work, and their wealth is almost zero." Australian media said Australia`s current house prices are "blackmail" prices, and will continue to continue in the future, or even rise.
It is also difficult for young people to buy a house. Australian media have also revealed that it will take at least 10 years for young people in Sydney to build up their own down payments after work. According to CommSec, Australians now have an average wealth of A $393380. 34500 Australian dollars more than last year.
