The wealth gap is getting worse in Australia, according to a new survey from ME Bank.  Most of us are falling behind while only a third of households reported income gains.

Remember when Peter Garrett sang, "The rich get richer, the poor get the picture"?  Well, read about this:  "The rich appear to be getting richer, while the rest of Australia is struggling - there's a divide across households," said ME Bank consulting economist Jeff Oughton.

Only Australia's wealthiest - those households taking in AU$200,000 or more per year - reported "financial comfort" in 2016.  But as for the rest of us, nearly half of households earning less than $40,000 a year reported losing ground during the same period, with job insecurity and underemployment conspiring to kick Aussies when they're down.  "We're seeing a shift in the composition of jobs as the economy moves away from mining and manufacturing with many employees leaving longer-term jobs and taking up lower-paying less-permanent jobs, which is having a negative impact on their financial comfort," said Oughton.

The report's authors say that government employment figures don't tell the whole story.

"When you look at that unemployment rate, it's 5.8 (percent)," said Mr. Oughton, as quoted by the ABC.  "Yeah, it's a bit above what economists might say is the natural rate of unemployment, but there's large underemployment.  Indeed 60-70 percent of people on part-time or casual jobs are looking for more hours work and more income."

Australian households' "comfort with income" remains at its lowest level since the Household Financial Comfort Report began in 2011.  

When people are paid less and feel less secure in their income, they spend less as well - on everything.  Groceries, take out, gyn memberships, school books, clothing, household items.