Australia recorded the largest drop in household income of any OCED country last year.
The latest figures from the Organisation for Economic Co-operation and Development (OECD) showed real household per capita dropped by 1.8 percent.
“Australia observed the largest decline, although improved from the record fall in 2023 (-5.1 percent) driven mainly by higher interest and tax payments,” the global economic body said in a statement.
It said there was annual rise in real household income per capita in most countries as inflation slowed compared with the previous year.
“In 2024 as a whole, real household income per capita grew 1.8 percent in the OECD, slightly up from 1.7 percent in 2023.
“Portugal saw the largest increase (6.7 percent), driven mainly by remuneration of employees and a decrease in taxes paid.”
It said, in the last quarter of 2024, real household income per capita in the OECD increased by 0.5 percent, compared with 0.2 percent in the previous quarter, while real GDP per capita grew by 0.4 percent.
“Despite an overall increase in Q4 2024, the picture was mixed across OECD countries.
“Of the 19 countries for which data is available, nine recorded an increase, seven recorded a decrease, and three saw no change.”
