In eight and a half years the Coalition Government has restored Australia’s economicprosperity and implemented measures that have ensured this prosperity is spreadthroughout the community to workers, families, pensioners and self-funded retirees.Strong and stable economic growth, low inflation and a decline in unemploymenthave contributed to a significant increase in the living standards of Australians.These strong economic conditions have opened up greater opportunities. They haveallowed more Australians to make their own decisions about participating in theworkforce.Since March 1996 more than 1.3 million new jobs have been created and Australia’sunemployment rate has been sustained below 6 per cent for a year – the bestoutcome for more than a quarter of a century.A steady stream of income from regular employment has provided individuals andhouseholds with an opportunity to save, borrow and invest for their future and tocontribute to the well-being of their children. Interest rates have fallen and remainedlow, and income taxes have been cut. These conditions have ensured that the takehome pay of Australian households has risen.A frequent misconception in recent years is that the rich have got richer and the poor have got poorer – that people are being left behind. The evidence proves otherwise.A rise in household disposable income has occurred across the board. The rich andpoor have both got richer.
In real terms, household disposable incomes for all Australians, onaverage, increased by 12 per cent between 1994-95 and 2000-01.
Average real household disposable incomes for low income householdsgrew by 8 per cent.
Average real household disposable incomes for middle income householdsgrew by 11 per cent.
Average real household disposable incomes for high income householdsgrew by 14 per cent