Politicians are fond of pitching to the “average Australian” but judging by the income of Australians, whether you are middle class depends on where you live. And where we live tells a rich story of who we are as a nation – socially, culturally and economically.
Tagged With economy
For the past half-decade Australian wages have barely moved after adjusting for inflation. In the United States the picture is far bleaker — the real wages of average workers have changed little in 40 years.
Not so for US chief executives. In 1965 the heads of America’s 350 biggest companies earned 20 times what the average worker did. By 2017 they earned 312 times as much.
If you’re like many, the recent swings of the stock market aren’t necessarily keeping you up at night—only around half of us are invested in the stock market at all, and of that, “the top 10 per cent of wealth holders in the United States own an estimated 85 to 90 per cent of stocks,” according to the Washington Post. Rather, the thought of a weakening job market is what really matters to you. A dip in the S&P doesn’t mean nearly as much as your company laying off more workers.
Although successive governments continue to talk up their iconic credentials and how they have helped the economy, our salaries haven't necessarily followed. A report by Indeed says the commodity price boom helped to push wages far higher than could be justified by worker productivity. While softer wage growth over the past five years has improved the Australian business sector’s competitiveness and improved the labour market, wages growth is slowing.
As eager travellers, Australians naturally make up a large portion of the international expat community. According to the ABS, an Australian resident moves overseas every minute and 51 seconds.
The international money transfer business recently analysed seven countries to see how they compare with Australia against the jobs in demand, accessibility of visas, the cost of living, and working conditions.
Australia is a world-beater when it comes to ease of starting a business, trade barriers, and the financial skills of its workforce - but high rents and corporate tax rates as well as abysmal communications and energy prices drag on its global competitiveness, according to a major annual study out today.
A new report has highlighted room for improvement in Australian credit ratings agencies, including potential conflicts of interest, overseas staff producing credit ratings, and failures to meet compliance standards.
Berkshire Hathaway CEO Warren Buffett revealed today that the firm had no interest in jumping on the cryptocurrency bandwagon.
“We don’t own any; we’re not short any,” Buffett said in an interview on CNBC. “We’ll never have a position in them... What’s going on definitely will come to a bad ending.”
A new poll from Bloomberg suggests that almost half of Americans would have a hard time affording a $100 emergency, like a speeding ticket, medical bill or other unexpected expense. Many Australians are in similar situations as well. Consider the idea that maybe this says less about people's financial habits than it does the garbage economy.
Starting salaries for technology professionals are expected to rise by an average of 2.7% in 2017, according to the latest salary survey by recruiters Robert Half. Cyber-security specialists, software developers and business intelligence professionals will get the highest pay rises in terms of starting salaries. Here's how much the top tech professions are expected to make this year.
On 23 June 2016, the United Kingdom will vote in a referendum on whether or not to withdrawal from the European Union -- a scenario popularly known as the "Brexit". While these happenings are half a world away, the outcome could have political ramifications around the globe -- including Australia. Monash University's Ben Wellings investigates.