The latest Stats NZ Household Income report has revealed that inequality in New Zealand continues to grow. The New Zealand Herald was very careful to split out a number of stories to get the best possible spin, but in combination the picture is stark.
The first story was about household income. The median household income (the middle of the distribution, rather than the average) is up $25 on the previous year, a 4.3% rise and the largest in 7 years! Hoorah! Key’s rockstar economy at work! However, this is in contrast to the average income, which increased by 6.2 percent, indicating that the bulk of the growth was in the take home wealth of the already better off. [Read more...]