Rich families bag the nation's wealth

The richest 20 per cent of Australian families own 60 times more cash and assets than the poorest 20 per cent, a new study has claimed.

In the annual Families in Australia study, it was revealed that high-flyers, those who earn above $750,000 a year, hold the key to 61 per cent of the nation’s wealth.

Meanwhile, the battlers, who are on $70,000 or less, hold just one per cent.

The Herald Sun reported that despite plans to support including Christmas bonuses, tax cuts for families and childcare rebates, life is still a struggle for many Australian families.

Results from the study also show that debts owed on home loans have rocketed in the last seven years, making life tougher for low earners.

Meanwhile, a poll conducted recently by the Daily Telegraph has shown that for many people, money is too tight to justify spending Rudd’s Christmas bonus on presents.

The majority of those quizzed said they would be using the money to pay off debts owed on things like credit cards or home loans, while others would look to plough the spare cash into high interest savings accounts.ADNFCR-1761-ID-18922856-ADNFCR