The share of wealth held by Australia’s bottom 40 per cent has declined sharply in the past two decades while 3.3 million live below the poverty line, a report into Australia’s record on quality of life has revealed. Source: The Guardian.
Monash University’s third Transforming Australia report, released yesterday, 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.
Without a change of course, including a focus on long-term policymaking beyond the three-year federal election cycle, Australia will continue to lag behind the developed world, the report warns.
The report, which uses long-term data sources to analyse Australia’s development over the years, found inequalities across wealth, housing, health and education were worsening.
More than 3 million Australians, or 12.7 per cent, lived below the poverty line, according to 2020 data, putting Australia above the OECD average of 12.1 per cent and peer countries, such as Canada (8.6 per cent) and the UK (11.2 per cent).
Australia’s ratings worsened in both wealth and income inequality. The share of the country’s wealth held by the bottom 40 per cent of society declined from 7.8 per cent in 2004 to about 5.5 per cent in 2020.
The report’s analysis showed almost 24 per cent of Australia’s wealth was held by the top 1 per cent of income-earners, while the top 10 per cent had 57 per cent of the country’s wealth.
Australia fared better than the US, where 34.9 per cent of its wealth was held by the top 1 per cent and 70.7 per cent by the top 10 per cent.
The report does note the country’s positive standings in life expectancy, superannuation gender gaps, share of renewable energy, government net debt and low homicide rates.
FULL STORY
Share of wealth held by Australia’s poorest falls sharply since 2004 – report (By Sarah Basford Canales, The Guardian)
