Study by Monash University recommends spending increase to fix inequalities in housing, health and education
The wealth held by Australia’s bottom 40% has declined by almost a third in two decades while 3.3m live below the poverty line, a damning report into Australia’s track record on quality of life shows., shows progress on more than half of the 80 indicators has stalled or is in freefall, painting a deteriorating picture of the country’s social, economic and environmental wellbeing.
Australia’s ratings worsened in both wealth and income inequality. The share of the nation’s wealth held by the bottom 40% of society declined by almost a third since 2004 from 7.8% to around 5.5% in 2020. The report’s lead researcher, Cameron Allen, said the accumulation of wealth had happened slowly over the 16 years from 2004-2020 but was evident in the long-term data.
The report notes the country’s positive standings in some areas, including life expectancy, superannuation gender gaps, share of renewable energy, government net debt and low homicide rates. The report recommends a 7% increase in annual expenditure to 2030, financed through tax reforms, to boost investment in health, education, adaptation and resilience.
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