Inequality getting bigger in Australia
1 min read
Well-off Australians are pulling away from the rest of the country, with inequality of riches climbing in recent years, new figures from the Australian Bureau of Statistics show.
The statistics show income growth has been nearly non-existent for many: typical household incomes have stagnated, with almost no expansion because 2013, although income inequality has also remained relatively stable.
However, the report indicates that wealth is highly concentrated in Australia.
The average net worth of the top 20 per cent of households is higher than 93 times that of the lowest 20 per cent, a $3.2 million compared to only $35,200.
In contrast, low wealth families did not experience any actual growth in net worth within this period, with their average wealth of $35,200 in 2017-18 compared to 2003-04 ($34,200).
The average net worth of households in Australia in 2017-18 was $1 million, a rise of over 37 per cent in a decade, driven in part by increases in superannuation balances and increase in house prices.
