Incomes show strong growth

By Phil Boeyen, ShareChat Business News Editor

Thursday 27th September 2001

Average weekly income in the year to June increased at almost double the rate of the previous three years according to the latest New Zealand income survey.

The survey shows that average weekly income rose by 6%, from $447 to $474, between the June 2000 and June 2001 quarters. The rate of growth compares with an average of 3.1% for the previous three years.

Statistics New Zealand says the increase in average weekly income has been driven by a 3.2 % increase in the numbers of people in paid employment, and a 4.7% rise in average hourly earnings.

"Over the past year labour market conditions have improved. Employment is up by 3.25, total actual hours worked have increased by 3% and the unemployment rate is at a 13-year low."

Average hourly earnings for those earning income from wages and salaries increased by 4.7% from $15.61 in the June 2000 quarter to $18.33 in the June 2001 quarter.

The survey shows that in the June 2001 quarter, average weekly income for all people was highest in the Wellington region at $547, followed by Auckland at $514 and Southland at $491. The lowest average weekly incomes were for the Otago region at $401 and the Northland region at $405.

Comments from our readers

No comments yet