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.
CFP®, CERTIFIED FINANCIAL PLANNER® and are certification marks owned outside the U.S. by Financial Planning Standards Board Ltd. Financial Planning Association of Australia Limited is the marks licensing authority for the CFP Marks in Australia, through agreement with FPSB.
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