Middle-income trap refers to the economic growth strategies that transition low-income countries into middle-income ones but fail to transition the middle-income countries into high-income countries. We observe the existence of a middle-income trap for upper-middle- and lower middle-income countries. We examine the reasons for the middle-income trap using the Bayesian model averaging (BMA) and generalized method of moments (GMM). We also explore the transformation of middle-income economies into high-income economies using logistic, probit and Limited Information Maximum Likelihood (LIML) regression analyses. Random forest analysis is also used to check the robustness of the findings. BMA analysis shows that education plays an enabling role in high-income countries in determining economic growth, whereas the full poten tial of education is not fully utilized in middle-income countries. GMM estimations show that the education coefficient is positive and significant for high-income and middle-income countries. This implies that education plays a decisive positive role in achieving economic growth and gives a path to escape from the middle-income trap. However, the education coefficient for middle-income countries is approximately half that of high-income countries. Therefore, the findings of this study call for additional investment and focused strategies relating to human capital endowments

Key information about Australia Household Income per Capita

• Australia Annual Household Income per Capita reached 30,914.027 USD in Jun 2020, compared with the previous value of 34,767.371 USD in Jun 2018.
• Australia Annual Household Income per Capita data is updated yearly, available from Jun 1995 to Jun 2020, with an averaged value of 25,207.153 USD.
• The data reached an all-time high of 43,819.349 USD in Jun 2012 and a record low of 15,753.318 USD in Jun 2001.
• In the latest reports, Retail Sales of Australia grew 4.217 % YoY in May 2023.

CEIC calculates Annual Household Income per Capita from annual Weekly Average Household Income multiplied by 52, annual Number of Household and quarterly Total Population and converts it into USD. The Australian Bureau of Statistics provides Average Household Income in local currency, Number of Household and Total Population. Federal Reserve Board average market exchange rate is used for currency conversions. Household Income per Capita is in annual frequency, ending in June of each year. Household Income per Capita prior to 2008 based on 2017-2018 price.

Sydney had the highest median house value compared to other capital cities in Australia as of April 2025, with a value of over **** million Australian dollars. Brisbane similarly had relatively high average residential housing values, passing Canberra and Melbourne to top the pricing markets for real estate across the country alongside Sydney. Housing affordability in Australia Throughout 2024, the average price of residential dwellings remained high across Australia, with several capital cities breaking price records. Rising house prices continue to be an issue for potential homeowners, with many low- and middle-income earners priced out of the market. In the fourth quarter of 2024, Australia’s house price-to-income ratio declined slightly to ***** index points. With the share of household income spent on mortgage repayments increasing alongside the disparity in supply and demand, inflating construction costs, and low borrowing capacity, the homeownership dream has become an unattainable prospect for the average person in Australia. Does the rental market offer better prospects? Renting for prolonged periods has become inevitable for many Australians due to the country’s largely inaccessible property ladder. However, record low vacancy rates and elevated median weekly house and unit rent prices within Australia’s rental market are making renting a less appealing prospect. In financial year 2024, households in the Greater Sydney metropolitan area reported spending around ** percent of their household income on rent.

Percentage refers to proportion of total NSAID sales in all countries studied. HMIC (high-/high middle-income countries): Australia, China, China (Hong Kong), Malaysia, New Zealand, Singapore, Taiwan, Thailand, UK/England, Canada; LMIC (low-/low middle-income countries): Bangladesh, Indonesia, Pakistan, Philippines, Vietnam.aDiclofenac, etoricoxib.

Australia Exports: % of Total Goods Exports: Residual data was reported at 0.001 % in 2023. This records a decrease from the previous number of 0.002 % for 2022. Australia Exports: % of Total Goods Exports: Residual data is updated yearly, averaging 0.018 % from Dec 1960 (Median) to 2023, with 64 observations. The data reached an all-time high of 0.303 % in 1977 and a record low of 0.000 % in 2017. Australia Exports: % of Total Goods Exports: Residual data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Australia – Table AU.World Bank.WDI: Exports. Merchandise exports by the reporting economy residuals are the total merchandise exports by the reporting economy to the rest of the world as reported in the IMF's Direction of trade database, less the sum of exports by the reporting economy to high-, low-, and middle-income economies according to the World Bank classification of economies. Includes trade with unspecified partners or with economies not covered by World Bank classification. Data are as a percentage of total merchandise exports by the economy.;World Bank staff estimates based data from International Monetary Fund's Direction of Trade database.;Weighted average;

Australia Imports: % of Total Goods Imports: Residual data was reported at 0.000 % in 2023. This records a decrease from the previous number of 0.001 % for 2022. Australia Imports: % of Total Goods Imports: Residual data is updated yearly, averaging 0.002 % from Dec 1960 (Median) to 2023, with 64 observations. The data reached an all-time high of 0.306 % in 1963 and a record low of 0.000 % in 1975. Australia Imports: % of Total Goods Imports: Residual data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Australia – Table AU.World Bank.WDI: Imports. Merchandise imports by the reporting economy residuals are the total merchandise imports by the reporting economy from the rest of the world as reported in the IMF's Direction of trade database, less the sum of imports by the reporting economy from high-, low-, and middle-income economies according to the World Bank classification of economies. Includes trade with unspecified partners or with economies not covered by World Bank classification. Data are as a percentage of total merchandise imports by the economy.;World Bank staff estimates based data from International Monetary Fund's Direction of Trade database.;Weighted average;