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The average income of the poorest tenth increased by 13% from $9700 to $11,000. [140] Statistics New Zealand, which keeps track of income disparity using the P80/20 ratio, confirms the increase in income inequality. The ratio shows the difference between high household incomes (those in the 80th percentile) and low household incomes (those in ...
Median weekly household income in New Zealand fell slightly or stagnated from 2009 to 2010 during the "great recession" period. In June 2009 it was $1,234 [ 7 ] and June 2010 it was $1,236. [ 8 ] In 2011 household incomes recovered to beyond the high of 2008 again – median weekly household incomes increased again to $1,289.
Top 10 wealth creators in New Zealand (National Business Review, 2022) [1] Rank Name Net worth (NZD) Source of wealth 1: Graeme Hart: $12 billion: Rank Group 2: Todd family: $4.3 billion: Todd Corporation: 3: Goodman family: $3.5 billion: Investments all around the world 4: Nick Mowbray and family: $3 billion: ZURU 5: Michael Friedlander: $2.1 ...
Average wages can differ from median wages; for example, the Social Security Administration estimated that the 2020 average wage in the United States was $53,383, while the 2020 median wage was $34,612. [1]
Budget 2024 is the New Zealand budget for fiscal year 2024/25 presented to the House of Representatives by Minister of Finance, Nicola Willis, on 30 May 2024 as the first budget presented by the Sixth National Government, [1] [2] ignoring the mini-budget they presented in December 2023.
New Zealand went through a major program of tax reform in the 1980s. The top marginal rate of income tax was reduced from 66% to 33% (changed to 39% in April 2000, 38% in April 2009, 33% on 1 October 2010 and back to 39% in April 2021) and corporate income tax rate from 48% to 28% (changed to 30% in 2008 and to 28% on 1 October 2010).
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The impact of COVID-19 on the economy has led to an increase in government borrowing, with government debt expected to hit NZ$166.2 billion by the end of the 2020/21 fiscal year; before the pandemic it was at $57.7 billion. The 2020/21 fiscal year ends with a forecasted budget deficit of $21.6 billion. [3]