The divide between rich and poor is growing in Australia, according to a new national survey which found more than a quarter of households have experienced a drop in income.
But wealthier Australians were most likely to be getting richer.
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Damning inequality report haunts Davos
Oxfam publish a report saying eight individuals, all men, own as much wealth as the poorest half of the world's population.
The latest Household Financial Comfort Report of 1500 Australians to be released on Monday found almost one in two (or 46 per cent) households with incomes of more than $100,000 reported income gains, compared with 17 per cent of households earning under $40,000.
And 41 per cent of households earning less than $40,000 reported income losses, compared with only 13 per cent of those earning over $100,000.
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Overall, 27 per cent of households had experienced a drop in income.
Just under a third of households reported income gains compared with 38 per cent in the previous survey six months ago.
Job insecurity, cuts in wages and underemployment were putting households under increasing strain.
The Members Equity (ME) bank survey conducted by DBM Consultants in December last year found a record high of one in three felt insecure in their jobs - a seven per cent increase since the last survey. And 37 per cent of people felt they would struggle to find a new job within two months if they become unemployed.
The survey found 60 per cent of part-time employees surveyed wanted to increase their working hours and 70 per cent of casual workers want to become permanent employees.
ME consulting economist and report co-author, Jeff Oughton, said the move away from mining and manufacturing jobs had resulted in many workers leaving longer-term jobs and getting lower-paying less-permanent jobs to replace them.
"Which is having a negative impact on their financial comfort," he said.
"The rich appear to be getting richer, while the rest of Australia is struggling – there's a divide across households."
Households earning an annual income above $200,000 reported a very high level of financial comfort - rated at 7.10 out of 10 in December, compared with ME's overall household financial comfort index of 5.41 out of 10. ME is a bank owned by industry superfunds.
This was the lowest rate of financial comfort recorded by the six-monthly survey since it was first conducted in October 2011.
Single parents reported the lowest levels of financial comfort.
"ABS data shows wage growth at historical lows over the past two years to the September quarter. ME's report supports this, highlighting low wage growth continued in the whole of 2016 and is causing financial discomfort for many households, exacerbated by job insecurity and underemployment," Mr Oughton said.
Households also tightened their purse strings over the six months to December, saving more where they could. They were also less likely to be overspending.
"It's an increased conservatism that will be contributing to a drag on growth as Australia's economic transition continues," Mr Oughton said.
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