The Relationship Between Income, Wealth and Age in Australia
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This is the peer reviewed version of the following article: Tapper, A. and Fenna, A. (2019), The Relationship between Income, Wealth and Age in Australia. Australian Economic Review, 52: 393-405, which has been published in final form at https://doi.org/10.1111/1467-8462.12326. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.
This article analyses the relationship between income, wealth, wealth‐adjusted income and age in Australia using a 2009–10 crosssectional data set. The main findings are: (i) wealth and wealth‐adjusted income generally rise with age, while income is constant across the life cycle; (ii) 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; and (iii) after income, wealth and wealth‐adjusted income inequalities are adjusted for age, underlying inequality is lower in all three cases.
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