We congratulate Australian Council of Social Service and The University of New South Wales (UNSW) for their report on inequality in Australia.
Here are some highlights:
↘️ In 2019-20, the richest 10% of households earned about $5,248 a week, much more than the middle 20% who earned $1,989 and the poorest 20% who earned $794.
↘️ Wealth is very unevenly distributed. In 2022-23, the richest 10% had an average of $5.2 million each, way more than everyone else.
↘️ In 2023, Australia had 159 billionaires with a total wealth of $503 billion, which is a huge amount for just a few people.
The report shows big differences in money and wealth among people in Australia.
Understanding and addressing inequality in Australia is crucial because:
🎟️ Fairness: Everyone should have an equal chance to succeed.
🤑Economy: High inequality can slow down economic growth.
🩺Health: Less inequality often means better overall health.
👍Social Peace: High inequality can lead to social unrest.
⚖️ Politics: Too much inequality can influence government decisions unfairly.
To view the report see -
https://povertyandinequality.acoss.org.au/wp-content/uploads/2024/04/Inequality-Report-2024_who-is-affected-and-how.pdf
