Wealthiest 10% captured growth in company profits while most Australians watched their real wages shrink, Australia Institute finds
from the stage-three tax cuts, while low income earners will receive no benefit. The low and middle income tax offset which benefited most Australian workers ended in the last financial year. The Morrison government had designed it to be temporary, whereas the third stage of the tax reform continues in perpetuity.
Grundoff said inequality in Australia had been increasing, even before those stage-three tax cuts. His latest paper examined income per adult on a pre-tax basis, which means it shows how incomes are apportioned before the tax-and-transfer system kicks in to redistribute some income to lower income households via welfare and public services.
It shows what’s happened to Australian incomes through five distinct economic cycles, from the 1950s up to 2019, with each period starting with a recession or economic crisis and ending just before the next economic disruption . The analysis reveals there has been a complete change in outcomes over those 70 years. In earlier periods, the bottom 90 per cent of income recipients clearly shared the benefits of economic expansion, with higher per adult incomes. Their share has slowly decreased over time, but since the GFC, their share has been dramatically reduced.
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