MELBOURNE, July 20 (Xinhua) -- The wealth gap in Australia between young and old is gradually widening, as household ownership rates in the country continue to plummet, a new Melbourne-based survey has revealed.
In the "Household, Income and Labour Dynamics in Australia" (HILDA) report released on Wednesday, findings revealed that fewer than half of all Australians could be homeowners by 2017, as the divide between high and low income earners continues to grow.
HILDA author and University of Melbourne Professor Roger Wilkins, said older generations had benefited from large increases in house value, while the high cost of real estate was putting pressure on the younger generations.
"Between 2001 and 2014, owner occupied houses have declined by 3.5 percentage points. That translates to 700,000 Australian homes," Wilkins said in a University of Melbourne media release on Wednesday.
"It is likely that in the next few years less than half of Australia's adults will be home-owners."
The findings revealed that elderly couples over 65 comprise the wealthiest households in Australia, having experienced a real increase in median net wealth of almost 70 per cent since 2002.
Australia's longest-running household survey, which is based at the University of Melbourne, interviews approximately 17,000 Australians each year, as it aims to form a national report on topics including household finances, employment, family life and health.
"The HILDA Survey helps to paint a picture of contemporary Australia. It's a crucial tool for policy making and to understand the social and economic direction of the nation," Wilkins said on Wednesday.
"The data exposes some painful realities in many of the nation's households. We're seeing high poverty rates for single parent families. Almost 20 percent of single parent families are lacking basic essentials.
"Nearly 70 percent of all Australians households have received some form of welfare benefits between 2001 and 2014."
The report also provided data on Australia's small businesses, and their tendency to employ fewer people.
Small businesses are more likely to employ men, older people and trade workers, while these jobs tend to be lower wage, part time or casual.
