Australians are millionaires for the first time

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"While there has been a marginal increase in inequality in the period leading up to the global financial crisis in 2007-08, since 2007-08 the distribution of income between families has remained relatively stable," Hockman said.

The Gini coefficient, where zero shows a higher level of equality and 1 shows a higher inequality, reached 0.328 for the figures of the equivalent available family income. These figures take into account the number of children in a family. The result is down from 0.336 about 10 years ago.

The percentage of households with debt increased slightly over the decade to 72.8% from 72.2%. Most worrying was the proportion of families with debt of three or more times income – which rose to 28.4 percent from 23.4 percent.

Also on Friday, NAB's Wellbeing index rose for the second consecutive quarter in June, but chief chief economist Alan Oster said the debt is an optimistic brake.

"Other debts outside of mortgages have emerged as the main detractor of personal well-being for most people, replacing events such as abuse and victimization," said Oster.

"Other key detractors were the lack of time, mortgages and substance abuse".

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