Household income growth down, but so is Gini

Feb 17, 2017 10.04AM |
 

MEDIAN household income grew by 2.6 per cent to $8,846 in 2016, lower than 2015’s 4.9 per cent. The slower growth most affected the ends of the spectrum, with the bottom 10 per cent of earners seeing growth of only 1.4 per cent, compared to 10.7 per cent in 2015, and the top 10 per cent of earners saw their growth slow to 0.2 per cent from 7.2 per cent in 2015.

At the same time, the Gini Coefficient, which measures income inequality, also fell to 0.458 in 2016, lower than 0.463 in 2015. After transfers from the G in the form of subsidies and taxes are taken into account, the Gini stands at 0.402.

It’s a sign of the times, as an embattled economy drags down overall growth in spite of bright spots in tourism and manufacturing. Oil and gas remain in a critical state, which has had a knock-on effect on banking, finance and insurance companies, from which a larger proportion of high earners derive their income.

DBS reported a 9 per cent drop in Q4 profits, and on Tuesday (Feb 14) OCBC said its fourth quarter earnings had fallen by 18 per cent.

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A second woman and a man, said to be her boyfriend, have been arrested in connection with the killing of Mr Kim Jong-Nam in Malaysia. Malaysian police confirmed that the first woman arrested, a 28-year-old with a Vietnamese passport, was the suspect pictured wearing a white shirt with “LOL” printed on it.

The second woman, identified as Siti Aishah in her Indonesian passport, worked with her partner. Siti Aishah distracted Mr Kim by standing in front of him while the other woman grabbed Mr Kim from behind in a chokehold and administered the fatal poison.

Their escape was short-lived thanks to the many cameras deployed at the airport. Authorities are still seeking other suspects as “there are definitely other individuals involved” according to Malaysian Police Special Branch director Mohamad Fuzi Harun.

Word is emerging from sources close to China that North Korea had nothing to do with the assassination, even as Malaysian authorities continue to track the work of “foreign agents”. Malaysia has now said that they could release Mr Kim’s body to North Korea once all due process had been followed in Malaysia.

 

 

Featured image from TMG file.

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