Australians are a third richer than New Zealanders. Per capita GDP (adjusted for purchasing power parity) is NZ$48,000 in Australia compared to just NZ$36,400 in New Zealand. This difference is remarkable given that the two countries enjoyed the same level of income for most of the twentieth century.
In terms of mean wealth, the average Australian adult had US$550,110 in 2021 after seeing an annual increase of US$66,350 in their net worth. This put Australia at number four in the world, after Switzerland, the United States and Hong Kong.
Life in New Zealand tends to move at a more relaxed pace. In 2019, New Zealand was ranked as the second safest country in the world. New Zealand has a lower crime rate than Australia. Plus, you won't have to worry about any snakes!
New Zealand is a more open economy than Australia, so a rise in the terms of trade of any given percentage has a larger effect on incomes there.
The economy of New Zealand is a highly developed free-market economy. It is the 52nd-largest national economy in the world when measured by nominal gross domestic product (GDP) and the 62nd-largest in the world when measured by purchasing power parity (PPP).
According to Swiss-based Research Institute, Credit Suisse, New Zealand is now the world's fifth richest country – with only Switzerland, Hong Kong, the US and Australia ranking higher.
Australia has plentiful supplies of natural resources, including the second largest accessible reserves of iron ore in the world, the fifth largest reserves of coal and significant gas resources. For a long time, commodities have made up a sizeable share of our exports.
Australia is a much lower taxing country, especially in terms of income tax. This affects incentives to work, save, and invest. Prosperity does not come by accident. Australia has a stronger political consensus around policies for growth, which contributes to investor confidence.
Australia has a much larger population than New Zealand and a bigger job market. With so much competition, many businesses can offer higher salaries to Australian workers. New Zealand's medium hourly wage for women is $26.37, while in Australia, it is $37.02.
Australia's maximum 47 per cent rate is 8 percentage points higher than New Zealand (39 per cent), about 5 percentage points above the US (a figure which includes an estimated average state income tax) and 2 percentage points higher than the UK.
While Australians have a reputation of being friendly, New Zealand "does it even better", the report says. New Zealand was named one of the easiest places in the world to settle in, coming in fifth place, while Australia ranked 20th.
Both countries deliver sweeping landscapes: New Zealand has its huge soaring mountains, glaciers, lakes, and forests, while Australia boasts impossibly beautiful beaches, long stretches of sand, coral reefs, rainforests, blood red deserts, and scrubby bushland.
New Zealanders pay 25% more than Australians for the same food. Prices from Countdown and Woolworths online shopping in NZ dollars as at 7 April 2023. We can see that the vast majority of items are more expensive in New Zealand.
This shows that Russia's economy is equivalent to US$4.4 trillion while Australia's measure is unchanged at US$1.4 trillion. Russians are still much poorer than Australians—their purchasing power per person is US$29,600 compared with Australians' US$53,400.
Australia and Canada have similar levels of GDP per capita (based on purchasing power parity, nominal GDP per capita was around US$ 7 000 for Australia and US$ 9 000 for Canada in 008). Since 1990, Australia's growth in real GDP per capita has been a little higher than Canada's.
As a New Zealander, will you have to pay higher taxes? Once you have your TFN you will pay the same tax rate as an Australian resident or citizen.
New South Wales: a diverse economy and high income
Among all the states and territories in Australia, New South Wales is considered the richest state. It has the largest economy, a diverse range of industries, and a higher-than-average income, which contribute to its status as the wealthiest state.
Graduate jobs located in Victoria (VIC) offer the highest salary with the average of $68,738 followed by Australian Capital Territory (ACT) with the average graduate salary of $68,195.
According to Oxfam, the richest 1% of Aussies have accumulated 10 times more wealth than the bottom 50% in the past decade. In its latest report, titled Survival of the richest, Oxfam found that Australian billionaire wealth is 61% higher than it was before the pandemic.
New Zealand is less expensive than Australia; however, the margin isn't that big. Similar to Australia, some cities and towns are more expensive than others. Auckland, the biggest city, is the most costly. Statistics estimate that a single person needs $2,989 and a family $5,322 to live comfortably enough.
Dr Ganesh Nana, chief economist and executive director of Business and Economic Research, said New Zealand was a low-wage economy. Factors such as a much smaller population size and a lower minimum wage rate was part of the reason New Zealanders earned significantly less than Australians.
Australians are the richest people in the world, with a median wealth three times that of the average American, a new report has shown.
Examples of first world countries include the United States, Canada, Australia, New Zealand, and Japan. Several Western European nations qualify as well, especially Great Britain, France, Germany, Switzerland, and the Scandinavian countries. The ways that first world countries are defined can vary.
When measured by average wealth, Australia is fourth behind Switzerland, the United States and Hong Kong, indicating wealth is more evenly distributed in Australia.