OECD Says Australians Enjoy High Income Equality

The Organization for Economic Cooperation and Development (OECD) reported in May 2015 that Australians enjoy one of the world’s highest levels of wealth and income equality. This study says that although income inequality rose in the advanced countries of the OECD following the recent global economic downturn, income equality increased for Aussie workers during the same seven-year period. Additionally, the financial situation of the lowest 10% of Australian wage-earners got better between 2007 and 2014, according to the OECD. The report also states that Australians in the middle 60% income bracket have a net wealth of $211,000 USD, compared to the $140,000 USD average net wealth for workers in the middle 60% income bracket of the developed countries of the OECD. Furthermore, the wealth of Aussie middle-income workers increased at a faster pace than the wealth of the highest earners in Australia over the past seven years. While full-time Australian workers earn some of the highest salaries in the world, the OECD study states that part-time workers in Australia receive an average hourly wage that is actually higher than the average hourly wage of full-time Aussie workers. In short, the OECD reports that there is a more equal distribution of wealth among people who live and work in Australia than the average for countries boasting the world’s most advanced economies.

 

High salaries and income equality are attracting hundreds of thousands of foreign workers to apply for jobs in Australia every year. With an ongoing shortage of skilled workers to meet the needs of companies in Australia, the law of “supply and demand” has caused wages and salaries to soar in the “Land Down Under.” For example, qualified bricklayers are among the high-demand jobs in Australia experiencing a shortage of skilled workers. As a result, bricklayers in large Australian cities such as Sydney earn approximately $100,000 USD annually. In many cases, skilled bricklayers in the Sydney area can earn $400 AUD per day. This one example helps to illustrate how jobs in Australia tend to pay very well, allowing Aussie workers and their families to enjoy a very high standard of living and to be some of the richest people on Earth. If you would like to live and work in Australia and want to find out if you may be eligible for the Australian General Skilled Migration (GSM) Program, click here!

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