Median household income in Australia and New Zealand
So, there are a lot of families living in Australia and New Zealand, right? And each of these families has a certain amount of money that they make in a year from their jobs or other sources.
Now, the median household income is the amount of money that is right in the middle of all the incomes that these families make. Let's say there are 10 families and they make these amounts of money in a year - $10,000, $20,000, $30,000, $40,000, $50,000, $60,000, $70,000, $80,000, $90,000 and $100,000. The median income of all these families would be $50,000 because that's the amount in the very middle (5 families make more and 5 make less than this amount).
In Australia, the median household income in 2021 was about $89,000 AUD. This means that half of all the families in Australia make more than $89,000 AUD per year, and half make less than that.
Similarly, in New Zealand, the median household income in 2021 was about $84,000 NZD. This means that half of all the families in New Zealand make more than $84,000 NZD per year, and half make less than that.
Knowing the median household income helps people understand the general financial situation of a country and how much money people typically have to live off of.
Now, the median household income is the amount of money that is right in the middle of all the incomes that these families make. Let's say there are 10 families and they make these amounts of money in a year - $10,000, $20,000, $30,000, $40,000, $50,000, $60,000, $70,000, $80,000, $90,000 and $100,000. The median income of all these families would be $50,000 because that's the amount in the very middle (5 families make more and 5 make less than this amount).
In Australia, the median household income in 2021 was about $89,000 AUD. This means that half of all the families in Australia make more than $89,000 AUD per year, and half make less than that.
Similarly, in New Zealand, the median household income in 2021 was about $84,000 NZD. This means that half of all the families in New Zealand make more than $84,000 NZD per year, and half make less than that.
Knowing the median household income helps people understand the general financial situation of a country and how much money people typically have to live off of.