122
Australia’s wealthiest 20% worth 90 times the country’s poorest, new report reveals
(www.theguardian.com)
this post was submitted on 27 Sep 2023
122 points (98.4% liked)
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This is the best summary I could come up with:
Australia’s wealth gap has continued to grow over the past two decades, with superannuation and property investment driving inequality across the country, a new report from the Australian Council of Social Service and the University of New South Wales has revealed.
Over the past two decades the average wealth of the top 20% has grown at four times the rate of the lowest, the report has shown using figures from the latest Australian Bureau of Statistics data in 2019.
These forms of wealth deliver substantial capital gains each year to individuals with the highest incomes.
The Acoss chief executive, Cassandra Goldie, joined other advocates in calling for the government to remove policies that spur wealth inequality.
“Left unchecked, growing wealth inequality threatens to exacerbate and entrench generational, spatial and social divisions in our community,” she said.
Goldie said the government’s timely pandemic response and increase to social security payments reduced income inequality, but only temporarily.
The original article contains 477 words, the summary contains 155 words. Saved 68%. I'm a bot and I'm open source!