Monday, January 22, 2018

Australia's Inequality

"The richest 1 percent of Australians continue to own more wealth than the bottom 70 percent of Australians combined. While everyday Australians are struggling more and more to get by, the wealthiest groups have grown richer and richer."
Australia's inequality is the worst it has been in two decades, data released by the Oxford Committee for Famine Relief (Oxfam) on Monday revealed.
Oxfam said that Australian billionaires increased their wealth by 38 billion Australian dollars (30 billion U.S. dollars) in the financial year ending in June 2017.
"Over the decade since the Global Financial Crisis (GFC), the wealth of Australian billionaires has increased by almost 140 percent to a total of 115.4 billion AUD (92.1 billion U.S. dollars) last year.
"Yet over the same time, the average wages of ordinary Australians have increased by just 36 percent and average household wealth grew by 12 percent.

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