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Australian households recover from financial crisis

An ABS survey shows Australian household income is recovering from the financial crisis.

Australian household incomes are on the rise again, despite having stalled during the financial crisis.

According to Australian Bureau of Statistics (ABS) Survey of Income and Housing, household incomes were showing signs of recovery in 2011 - 2012. On average, households had a disposable income of $918 per week.

Director of household economic resource surveys at the ABS Stephanie Cornes said: "Low income households have seen an increase of five per cent from 2009-10, and middle income households have seen an increase of four per cent. High income households have been fairly stable, with no significant growth."

She added that the average income for households in capital cities tended to be 21 per cent higher.

Households across the globe saw their budgets tightened during the global financial crisis of 2008 - 2009. Many saw wages freeze despite inflation within their home countries rising considerably and a number of these have yet to see domestic income recover.

Posted by Craig Francis

- economy, GFC, income, inflation

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