Average income increases for wage-earning households

FOR households with at least one wage or salary earner, the average income rose more than 5 per cent in the past June year, to slightly more than $82,000 for the family, says Statistics NZ

During the same period general inflation rose just 1 per cent, leaving wage-earning households better off.

Average housing costs were unchanged in the June year, with slightly higher rents offset by lower mortgage payments, reflecting falling interest rates. For households with a mortgage, average weekly payments fell almost 5 per cent in the past year to $357 a week, easing the pressure on household budgets. But those paying rent have been squeezed harder in the past year, with average household rents up almost 5 per cent to $273 a week. About 35 per cent of all households pay rent.

Taking into account households without a wage earner, such as those relying on a pension or welfare, total average household incomes rose only 2.3 per cent.

Statistics NZ’s Household Economic Survey figures show the average annual household income from all regular sources increased slightly, from $79,256 to $81,067. Average weekly total housing costs were unchanged at $249, equal to about $13,000 a year.

Contributing to the rise in household income was an increase in average annual household income from wages and salaries. This rose 5.4 per cent in the past year, up from $77,843 to $82,029.