Report finds ‘stark gap’ between rich and poor

(Pexels/Keira Burton)

Australia is one of the richest countries in the world but has a significant wealth gap between the rich and the poor, according to a new report. Source: SBS News.

The findings released by the Australian Council of Social Service (ACOSS) on Friday found that Australia’s richest 10 per cent of households have an average household wealth of $6.1 million – almost half of the entire country’s wealth combined.

The majority of Australians remain on the lower scale of wealth, with 60 per cent of the population only pocketing 17 per cent of the country’s wealth.

Together with the University of New South Wales, ACOSS examined changes in household wealth and distribution during the COVID-19 pandemic in 2020. It projected Australian Bureau of Statistics wealth distribution data from 2017-18 forward to December 2021 to calculate wealth inequality.

In 2021, the richest 1 per cent of Australians held 50 times the wealth of the lower 60 per cent of Australians, and 11 times the wealth of the average-income household.

UNSW Director of the Social Policy Resource Centre Carla Treloar said the findings were a reminder of the stark gap between the rich and poor in Australia.

Acting ACOSS chief executive Edwina MacDonald said the findings reveal a “precariousness of life” for many Australians who are battling poverty and homelessness with rising inflation rates and cost of living.

FULL STORY

Ten per cent of Australians make up almost half of the country’s entire wealth, report reveals (By Rayane Tamer, SBS News

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