Sources of Income and Wealth (HSC SSCE Economics): Flashcards
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Five main sources of household income in Australia
Five main sources of household income in Australia
Wages, rent, capital earnings, profit, transfer payments
% of household income from wages/labour
% of household income from wages/labour
58%
% of household income from transfer payments
% of household income from transfer payments
12%
% of household income from rent/land
% of household income from rent/land
10%
% of household income from capital earnings
% of household income from capital earnings
9%
Formula for household net worth
Formula for household net worth
Total Assets - Total Liabilities
% of household wealth in real estate (total)
% of household wealth in real estate (total)
56% (40% owner-occupied + 16% investment)
% of household wealth in owner-occupied property
% of household wealth in owner-occupied property
40%
% of household wealth in superannuation
% of household wealth in superannuation
19%
Difference between income and wealth
Difference between income and wealth
Income flows over time; wealth is stock of assets