Income Inequality In Australia

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PROFILE Explain how the problem of inequality can be addressed Income Inequality Economic inequality (also known as the gap between rich and poor, income inequality, wealth disparity, or wealth and income differences) comprises disparities in the distribution of economic assets (wealth) and income within or between populations or individuals. The term typically refers to inequality among individuals and groups within a society, but can also refer to inequality among countries. The issue of economic inequality is related to the ideas of equity, equality of outcome, and equality of opportunity. Income is the consumption and savings opportunity…show more content…
Inequalities begins with where you were born. Access to affordable housing, good school and colleges, quality health services and employment opportunities can all substantially reduce inequality. But if these basic services are not available or affordable, then inequality increases. Income inequality: Income inequality in Australia has risen through the 1980s and 90s. The income of the top 25 per cent of Australians increased more rapidly than for the remaining 75 per cent. But it was for those at the top that the income growth was strongest. For example, after taking out the effect of inflation, the after-tax incomes of those in the top 5 per cent increased by $172 a week between 1990 and 2000. The incomes of middle and poor Australians increased by just less than $40 a week during this period. Wealth in Australia: Wealth is very unequally shared in Australia. The wealthiest 10% of householders hold 45% of the wealth while half of Australia’s households own only 7% of the nation’s wealth. Growing gap between poor youth and wealthy…show more content…
income inequality. Sixty-one percent in this ABC News/Washington Post poll think the wealthgap is larger than it’s been historically. And despite longstanding public concerns about activist government, six in 10 also say the federal government should seek to reduce that differential. The public’s concern is buttressed by a recent Congressional Budget Office estimate that the wealthiest 1 percent of Americans have nearly tripled their incomes since 1979, while the bottom 80 percent of earners have seen their share of the nation’s total income slightly decline. This poll, produced for ABC by Langer Research Associates, finds that 37 percent perceive the wealth gap as “much larger” than it’s been; just 5 percent think it’s smaller. And 43 percent feel “strongly” that the government should pursue policies to address it, versus 24 percent who are strongly

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