The Relationship between Income, Wealth and Age in Australia

Abstract

This article analyses the relationship between income, wealth, wealth-adjusted income, and age in Australia using a 2009-10 cross-sectional data set. The main findings are: (1) wealth and wealth-adjusted income generally rise with age, while income is constant across the life cycle; (2) both income inequality and wealth inequality rise until mid-life and fall thereafter, while wealth-adjusted income inequality depends on the method of calculation used, one showing a fall in later life and another showing no fall; (3) after income, wealth and wealth-adjusted income inequalities are adjusted for age, underlying inequality is lower in all three cases.

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