The wealthiest 20 per cent of households in Australia now account for 61 per cent of total household net worth, whereas the poorest 20 per cent account for just 1 per cent of the total. In recent decades the income share of the top 1 per cent has doubled, and the wealth share of the top 0.001 per cent has more than tripled. At the same time, poverty is increasing and many of those dependent upon government benefits, including the unemployment benefit, have fallen well below the poverty line. If we do not pay attention to the problem of financial inequality, current economic circumstances are likely to make it worse.
I may have missed it but it seems this report coming from a 2014 federal government round table has flown under the radar. I’ve had a read and it presents some challenges for us as a nation indeed. In the words of the report itself:
In 21st century Australia, do we still care about equality of opportunity, ‘a fair go for all’? If so, what are we prepared to do to make it happen?
The full report is quite readable and presents much for further reflection.