The ABS just released this deliberately misleading image using inflated stats, to deceive social media. Do not believe it. They reference the mean wealth of households, not the median wealth. The mean is well known to be an unreliable figure, this is a basic statistical concept and the ABS should know better. Indeed the statisticians do know better, which is why the raw figures do include medians. The mean wealth of households is $728,100, but that number is significantly inflated by just a few extremely rich people. The *Median* wealth of all households is just $434,234, which is a far more realistic number, but is still an inflated average which is untrue for many Australians. All of the inflated figures used in this image are intended to distract from the fact that both the mean and median wealth for lower income households is just $30,000, and that figure has fallen by %6 in the past three years. Most importantly, wealthy households account for %60 of all income received by Australian households, whereas poor households received just 0.9% of total income. Using dodgy figures to make poor people stop complaining about getting screwed. Poor form ABS, poor form. -poss
Posted on: Thu, 22 Aug 2013 08:53:52 +0000
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