It definitely ain’t breaking news that there’s a big ol’ inequality gap in Australia. However, a new study by the Australian Council of Social Service (ACOSS) has provided some context on how bad the sitch actually is.
According to the report, the richest 10 per cent of Aussie households have an average household wealth of $6.1 million as per SBS.
The kicker? That’s nearly half of the nation’s total wealth at 46 per cent. Consider my gob well and truly smacked.
The reverse end of the inequality spectrum is even more horrifying.
The bottom 60 per cent of households on the earnings scale cop a share of just 17 per cent of Australia’s total flow of cash.
We’ve dug ourselves such a deep inequality hole that not even abstaining from avocado consumption will dig us out.
Edwina MacDonald is the acting chief executive for ACOSS and said the findings showcase a “precariousness of life” experienced by many Aussies during these cooked economic times.
She said the report proves “the need to bolster the social safety net so that unemployment does not inevitably lead to poverty.
“Everyone deserves a roof over their heads, and a home that meets their basic need for shelter. It is simply wrong that something so fundamental has become so challenging for those on low and modest incomes to achieve,” MacDonald said as per SBS.
This inequality report comes after whispers Australia could be headed for a recession. Consumer spending data from the Australian Bureau of Statistics showed consumer confidence is as low as it was when the pandemic hit in 2020. In layman’s terms, not ideal.
You can check out our full explainer on the who/what/when/where/why of recessions right here.
The inequality situation is also unlikely to be helped if something isn’t done to raise the JobSeeker rate.
This is something new PM Anthony Albanese has stated he won’t be doing which is extremely disappointing. You can read our explainer on the JobSeeker sitch here.
Stay safe out there, mates.