Male, middle aged and living in Sydney – the real face of wealth in Australia
New data from the ABS provides a fuller picture of the rich-poor divide in Australia
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Australia’s high income earners have a median age of 51 years and most of them live in Sydney.
The Australian Bureau of Statistics released new data today based on combined information from the census and administrative sources showing those with an income in excess of $10,000 per week make up 2.9 percent of the population.
For the first time, the ABS has used data from administrative sources including the Australian Taxation Office, Medicare and the Department of Health, as well as sales and registration information to create a fuller picture of wealth distribution around the country.
Five Sydney suburbs topped the list as the home of choice for high wealth individuals, including Mosman, Woollahra, Bellevue Hill and Rose Bay-Vaucluse-Watsons Bay.
Cottesloe and City Beach in WA also made the top 10, while Forrest in the ACT and Toorak in Melbourne also ranked highly.
The report showed it was a different story for most Australians, with a median personal income of $789 and a household income of $1,770 per week.
On a state-by-state level, the ACT recorded the highest median weekly earnings, at $1,158 personal income, while in Tasmania, the median weekly personal income was the lowest national level at $696.
On gender lines, 6.08 million women earned less than $1000 per week in Australia, compared with 4.77 million men while at the top end, data showed there were nearly 2.5 times more men than women with an income of $3,500 or more a week.
Almost a third of people, or 6.6 million, received a government benefit payment in the 2020 to 2021 financial year. Nearly 2.2 million of those received the age pension.
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The social-media company’s revenue increased 14%, falling short of estimates.
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Pinterest shares tumbled after the company projected that revenue growth would slow in the first quarter, amid an advertiser pullback that weighed on its fourth-quarter earnings.
Shares slid 18.5% to $15.10 in after-hours trading after closing the market session down 2.9% at $18.54.
Pinterest reported a 14% increase in fourth-quarter revenue to $1.32 billion, up from $1.15 billion a year earlier, but short of analysts’ estimate of $1.33 billion, according to FactSet. The company posted 17% revenue growth in the third quarter.
The company expects growth to decelerate further in the current first quarter, projecting growth between 11% and 14%. It’s forecasting revenue between $951 million and $971 million.
Chief Executive Officer William Ready said the company needs to broaden its revenue mix and accelerate sales going forward.
“We are not satisfied with our Q4 revenue performance and believe it does not reflect what Pinterest can deliver over time,” he told analysts on a call Thursday. “We are moving with urgency to return over time to the mid-to-high-teens growth, or better than what we have been consistently delivering.”
Pinterest on Thursday recorded a profit of $277.1 million, or 41 cents a share, compared with its profit of $1.85 billion, or $2.68 a share, a year earlier. The $1.85 billion profit in 2024 included a $1.6 billion benefit from deferred tax assets.
Stripping out certain one-time items, Pinterest logged adjusted earnings of 67 cents a share, in line with analyst expectations, according to FactSet.
Ready said the company continues to see headwinds from larger retailers pulling back on advertising spending to protect their margins amid the impact from President Trump’s tariffs.
“We saw continued softness from this cohort of large retailers,” Ready said. “While we see opportunity over the long term, the near-term outlook for this cohort on our platform remains pressured given these headwinds.”
Ready said the company has expanded its footprint among mid-market and small-to-medium business advertisers, as well as international businesses. Still, he said Pinterest had a ways to go to offset the headwinds from larger advertisers, which may become even more pronounced in the current quarter.
Chief Financial Officer Julia Donnelly added that the company is looking to increase its investments in sales and research and development related to artificial-intelligence following the launch of its restructuring effort in January. Pinterest said last month that it would cut about 15% of its workforce, or approximately 700 jobs.
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