New research reveals Australians are experiencing a wealth gap with low-income earners bearing the brunt. Advocates are calling for a levelling of the playing field. And charities warn that if nothing is done urgently, it will ultimately affect the future of children from low-income households.
Australia is the fourth wealthiest country in the entire world but it still has too many people going without. The country has seen a surge in wealth inequality over the last 20 years and those with the least well off getting the short end of the stick. The average wealth of the highest 20 percent grew at four times the rate of the lowest. Scientia Professor from the University of New South Wales Carla Treloar says wealth inequality affects everyone.
"Wealth begets wealth, that's the reality. And these are not just accidental events, they because of policies that were committed to over the last 20 years during a boom era, during when there was enormous wealth Australia is one of the wealthiest countries in the world, but over the last 20 years, we allow our income support payment, if you're unemployed to become the lowest in the OECD of all of those countries.
Ms Goldie says the situation could intensify divisions across generations, people of diverse backgrounds, and social groups. She believes the situation can be managed through affordable housing and a fairer tax and superannuation system. "In 2020, significant additional COVID income support payments successfully raised household incomes and reduced inequality, trends that were reversed when the payment was removed. Poverty is the main underlying structural cause of homelessness and alleviating poverty is an essential part of preventing and ending homelessness for good. Adequately raising income support is a crucial policy response.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Wallabies hit historic low in world rankings as South Americans leapfrog struggling AustraliansInsult is added to injury for the struggling Wallabies, as Argentina jumps the Australians in the rugby world rankings.
Read more »
More pain for Wallabies as Australia sinks to all-time rankings lowMore pain for Wallabies as Australia sinks to all-time rankings low
Read more »
Wallabies sink to new rankings low after dismal Rugby World Cup campaignThe two-time world champion Wallabies have slumped to their worst-ever ranking, falling to 10, following their record World Cup loss to Wales in Lyon
Read more »
Australia’s wealthiest 20% worth 90 times the country’s poorest, new report revealsSuperannuation and property investment fuels growing inequality, with the richest fifth worth an average of $3.2m
Read more »
Mundine lays out a plan on how Australia can ‘escape the dreadful errors of the past’Sky News host Rowan Dean says prominent No campaigner Warren Mundine laid out a plan on how Australia can actually “escape the dreadful errors of the past”. Mr Mundine addressed the National Press Club of Australia on Tuesday, just under three weeks away from the Voice referendum, as he provided alternatives. Mr Dean said this comes a week after Shadow Indigenous Australians Minister Jacinta Price clearly laid out the “historical truth” of Australia and Indigenous relations. Mr Dean urged Australians to listen to Ms Price and Mr Mundine. Australians will head to the ballot box to vote in the Voice referendum in October, which is likely heading for defeat, according to the polls.
Read more »