From 2008 Australian wages have increased on average by $1,404 pa. This is an increase of only $156 each year over a 9 year period, much less than the cost of living.
Unemployment remains low but we have seen a shift from higher paid work to lower paid contributing to low wages growth.
Wages as a % of Gross Domestic Product (GDP) has also decreased.
High debt and stagnant income is likely to impact consumer spending.
It also highlights the importance to see a qualified financial planner to make sure you are in a strong position and your cash flow is being used as efficiently as possible.
Citigroup is planning to hire 100 private wealth advisers in Australia over the next 3 years.
Citi will be targeting the 230,000 Australians with more than $1 million to invest.
Australia's fund management industry is valued at $2.8 trillion with more than $600 billion in self managed superannuation funds.
Link to full article: https://www.bloomberg.com
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