Friday, October 04, 2013

Going backwards

The June 2013 New Zealand Income Survey is out today, and shows a 5% increase in median weekly income and a 3.5% increase in median hourly earnings. Which sounds great - except when you compare it to the expenses people are facing:

Statistics New Zealand’s Income Survey, released today, shows that the average income in New Zealand rose by 2.2 percent in the year to June 2013 and by 8.1 percent over the past five years. That compares to the average house price rising 8.5 percent in the past year and 17.7 percent since 2008 according, to Quotable Value. The disparity is worse in Auckland where the average income fell 1.3 percent in the past year and has risen just 3.9 percent in the past five years compared to a 13.1 percent increase in house prices in the past year and a 30.1 percent rise since 2008. Under National, incomes have also fallen behind general inflation, which has totalled 10.8 percent in the past five years.

“Kiwis’ incomes are not keeping up with the skyrocketing price of houses under National. This isn’t the brighter future that John Key promised New Zealanders,” said Mrs Turei.

And meanwhile, the gender pay gap remains steady at 12.8%. This isn't progress - the majority of kiwis are going backwards in real terms. Meanwhile, a wealthy uber-class of property-owners and speculators profits from their misery. And instead of doing anything about it, the government sits on its hands, because National's raison d'etre is to protect the status quo and its inequalities.