The disparity between incomes is turning Sydney into a tale of two cities.
The rising cost of living is a grim reality and a growing political issue, but the disparity between incomes is turning Sydney into a tale of two cities. Top earners are more concentrated in the eastern suburbs, the inner city and the inner west, while western suburbs workers languish in relative poverty.
The Ryde region had the city’s biggest increase in earnings, up 2.5 percentage points to 14.2 per cent. In the inner west, the 1 per cent’s share climbed from 10.3 per cent to 11.3 per cent in the decade.But across much of western Sydney, the share of income accruing to the top 1 per cent of earners was largely unchanged. In the Blacktown district, the top 1 per cent earned only 4.7 per cent of all income in 2020-21, the lowest share of any Sydney region .
Terry Rawnsley, an urban economist at KPMG, said structural changes in Sydney’s economy, especially the boom in knowledge intensive services such as finance, had led to those businesses clustering in and around Sydney’s CBD, which meant more income accumulated in those areas while also building a higher income concentration in Sydney compared to other parts of the country.
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