Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Thirty-five Percent Receive Investment Income

Thirty-five Percent Receive Investment Income

Thirty-five percent of all people received some income from investments in the previous 12 months, according to Statistics New Zealand. The average weekly income from all sources was $518, while the average weekly income from investments was $25. Income from investments has been included for the first time in the New Zealand Income Survey in the June 2002 quarter.

Groups receiving the highest average weekly investment income were those aged 55 years and over, males, and those in the European/Päkehä ethnic group. Those in the 55 to 59 year age group received an average of $66 in income from investments while 15 to 19 year olds received $1. Males received an average of $29 compared with $22 for females, and those in the European/Päkehä ethnic group received $31 compared with $15 for the 'Other' ethnic group, $3 for Mäori and $2 for Pacific peoples.

Excluding investment income, the average weekly income for all people from all other sources was $494, an increase of 4.2 percent on the previous year. This was due to the increasing proportion of the population in paid employment, a 3.6 percent rise in average weekly income for those in paid employment to $686, and an increase of 1.7 percent in average weekly income for those not in paid employment to $176.

The increase in average weekly income for those in paid employment came from two sources: an increase in wages and salaries of 2.0 percent; and an increase in income from self-employment of 8.9 percent. For those not in paid employment there were increases to benefits and pensions to adjust for inflation. Between the June 2001 and June 2002 quarters, average hourly earnings increased for the Mäori ethnic group by $0.71 (5.2 percent), with average hourly earnings for Mäori full-time wage and salary earners rising by $0.63 (4.5 percent). Increases in both the number of Mäori in paid employment and the proportion of wage and salary earners in full-time employment led to a rise of $32 (7 percent) in average weekly wage and salary income for Mäori in paid employment.

Average weekly income from all sources excluding investment income increased by $34 to $591for Mäori in paid employment. For all Mäori, average weekly income from all sources excluding investment income rose by $37 to $425.

Average hourly earnings for those receiving income from wage and salaries was $16.68, and the median hourly earnings was $14.50. When comparing females with males, the ratio of median hourly earnings was 87.7 percent.

Average weekly income for all people was highest in the Wellington region at $597, followed by Auckland at $559 and Waikato at $506. The lowest average weekly incomes in the June 2002 quarter were in the Otago region at $432 and the Northland region at $438.

The average weekly household income in the June 2002 quarter was $1,123 including $43 from investment income. The median weekly household income was $933. 'One parent with dependent children only' households received the lowest average weekly household income of $511. The average weekly household income excluding investments was $1,081.

Brian Pink Government Statistician

© Scoop Media

Business Headlines | Sci-Tech Headlines


Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>


Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>


Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>


Half A Billion Accounts, Including Xtra: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>


Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news