Aussie Top Tier Earners Trapped in Status Quo for Ten Years
By Athena Yenko | July 29, 2014 10:43 AM EST
The Australians included among the top tier earners of the country are trapped in the same income for almost ten years.
The top tier earners make up the 1 per cent, 180,000 members, of the overall Australian earners.
According to the latest tax data analysed by the Melbourne Institute at the University of Melbourne, these top earners have not saw any increased to their incomes for almost ten years now.
Data in 2011-2012 for these top tier earners make up 7.7 per cent of the total income in the country. This figure remained in the status quo from 2006 up until the present as they earned an average income of just under $400,000 per year.
In order to belong to the top tier earners, an individual's salary should be at the very least reached $211,000.
"From the early 1980s to the early 2000s, there was a clear upward trend in the income share of the top 1%. The available evidence shows that since 2006 there has been an end to this upward trend, or at the very least a significant pause in the growth." Associate Professor Roger Wilkins, who produced these estimates, said in a statement.
Other key points of the tax data analysis:
- The 18,000 Australians in the top 0.1% of income earners each earned more than $600,000 in 2011-12, and had an average income of over $1,100,000.
- The 90,000 Australians in the top 0.5% of income earners each earned more than $290,000 in 2011-12, and accounted for just over 5% of total income that year.
- The 900,000 people in the top 5% of income earners each earned above $115,000 and accounted for just over 19% of total income in Australiain 2011-12.
- The 1.8 million people in the top 10% of income earners each earned above $88,000, and accounted for nearly 29% of total income in 2011-12.
Meanwhile, a quota of 40 jobs a month will be imposed to most unemployed people under a new system to be released Monday and shall take effect in July 2015, Assistant Employment Minister Luke Hartsuyker told the ABC's AM program.
"This new system will focus job service providers on getting people into work, it will cut the red tape, and it will free them up to use their initiatives and innovate in the ways they deliver programs. It's going to deliver far better outcomes for job seekers and far better outcomes for employers. Job service providers will be rewarded for getting people into work for periods as short as four weeks - so there'll be four-week, 12-week, and 26-week outcomes," he explained.
He underlined that the new system is aimed at motivating unemployed people to find and keep job.
The new system also aims to encourage more businesses to employ people over the age of 50.
He said that the government's allocation for this new project amounts to $5.1 billion.
"We are targeting those resources on people who need the most help. Quite clearly, taxpayer funds are limited so we have to target resources to maximise outcomes for the people who are most job ready. Those people get less support than those who are in need of greater interventions to get them into work. Also a factor in this will be the length of time a person may have been unemployed," he further explained.
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