Income growth moderate

Embargoed until 10:45am – 9 October 2008

Income growth moderate

In the June 2008 quarter, the median (half receive more, and half receive less than this amount) weekly income for all people from all sources was $537, Statistics New Zealand said today. This information comes from the annual New Zealand Income Survey, which is run during the June quarter (April to June). The survey provides a snapshot of income statistics on people and households.

The median weekly income of $537 represented an increase of 3.5 percent from the June 2007 quarter median of $519, and is the lowest annual percentage increase since the June 2003 quarter. Contributors to this growth were increases in female median weekly income from all sources (up 5.3 percent) and in median weekly income from wages and salaries (up 2.7 percent).

In the June 2008 quarter, median weekly wage and salary income was $729, up 2.7 percent from the June 2007 quarter. For males, the increase was 5.1 percent (to $863) and for females the increase was 4.3 percent (to $600). For those in full-time employment, median weekly wage and salary income increased for both males (up 4.4 percent) and females (up 2.3 percent).

Median hourly earnings for people receiving income from wages and salaries rose $0.75, up 4.2 percent to $18.75 from the June 2007 quarter. For males the rise was $0.90, up 4.7 percent to $20.00 per hour. For females the rise was $0.72, up 4.3 percent to $17.50 per hour. Since the June 2007 quarter, total hours worked decreased slightly, down 1.1 percent, while total income received from wages and salaries increased 3.6 percent.

Over the year, the proportion of people receiving investment income decreased from 38.0 percent to 34.2 percent. This proportion is similar to that of the June 2006 quarter, when it was 32.4 percent. While the proportion of people receiving investment income decreased, median weekly investment income for those receiving income from investments increased $5 (37.0 percent) from the June 2007 quarter.

Geoff Bascand
Government Statistician
9 October 2008

ENDS

nzincomesurveyjun08hotp.pdf
nzisjune08qtralltables.xls

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