New Zealand household income continues to rise

Source: Xinhua| 2017-07-25 20:26:14|Editor: Xiang Bo
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WELLINGTON, July 25 (Xinhua) -- New Zealand's latest Household Incomes Report shows median household incomes rose 3 percent in real terms in the year to June 2016, Social Development Minister Anne Tolley said on Tuesday.

"This increase shows the government's focus on strengthening the economy is delivering for New Zealand families and households," Tolley said.

Despite the effects of the Global Financial Crisis (GFC), most Kiwi households are much better off today than they were back in 2008, she said.

Since 2008, median household incomes have risen by around 11 percent more than inflation, which contrasts with Australia, Britain, the United States, France, Italy and Germany where real household incomes remain at or close to pre-GFC levels, the minister said.

"This is the result of our growing economy creating more jobs and opportunities for people to get ahead, and also the redistributive nature of our tax and transfer system," Tolley said, adding that around half of all households with children receive more in welfare benefits and tax credits than they pay in income tax.

The report also highlights that housing affordability and quality are an issue for lower income groups with housing costs making up a larger proportion of their household budget, and that is why the government is committed to building more social houses and is working with councils to make more land available for new housing, the minister said.