About two thirds of Australia’s retirees are reliant on pensions for their day-to-day living while only one in four rely on superannuation and property investments.
About two thirds of Australia’s retirees are reliant on pensions for their day-to-day living while only one in four rely on superannuation and property investments.
An Australian Bureau of Statistics (ABS) survey has found that the average couple over 65 lives on $480 per week, while singles over 65 made do on $248 a week.
The survey found that the level of income received by couple families peaked when they were between 45 and 54 years old, but this declined as they grew older and left the workforce. Couples aged 55 to 64 re-ceived an average income of $789, which fell to $460 a week after the age of 65.
The survey also found that Australia’s DINKs – double income, no kids – may be well off, but they’re not as rich as couples with children in their teens or early 20s.
Couples’ incomes were highest after their eldest child reached 15-24, when they averaged $1,231 per week. This is mainly because 63 per cent of these couples have both partners employed.
Young couples without children also had high levels of income com-pared with other earners, with mean weekly earnings of $1,126. Eighty-two per cent of these couples have both partners in work.
Couple families receive an average weekly gross income of $931 in 1997/98 – up from $890 in 1996/97. Single-parent families received $463 a week, up from $432, while singles received $411 – compared with $391 the previous year.
The 1997/98 survey found that a couple’s income falls after the birth of their first child, due to reduced employment participation. The average weekly income for couples with young children, where the eld-est is under five, is $973. Only 44 per cent of these couples have both parents earning an income.
