Weekly incomes rise
Median weekly personal incomes rose 3.9% in the June quarter.
Statistics New Zealand this morning released the latest income survey, which shows that although hourly income rates remain fairly static, weekly income rates are up due to rising wages and also increased government payments.
Median household incomes raised higher – by 4.3% - the difference appearing to be largely due to increases in government welfare payments. The median household income is now $1,289, while median weekly personal income is $550.
The largest area of increase was income from government transfers – which includes superannuation, working for Families, and other welfare entitlements, Income form these rose 7.6% on a median weekly basis.
Self-employment median weekly income is unchanged at $575, and the proportion of people receiving self-employed income is 10.5% of the population.
Intriguingly, given the financial market turmoil over the past year, median weekly investment income is unchanged, at $12 – but the number of people receiving investment income is up 11.2%.
Median weekly income solely from wages and salaries rose by 4% to $800, due to increases in total hours worked, a decrease in the proportion of people earning wages and salaries, and changes in the distribution of wage and salary earners.