unionsnswinfo

Home » inequality » The Wealth of the Nation

The Wealth of the Nation

Evatt’s new report, The Wealth of the Nation, shows that inequality continues to increase.

The share of Australia’s household wealth owned by the Top 20% has increased by at least 1.3 per cent since 2012.

If the rise by 1.3 per cent sounds small, it represented more than the entire share owned by the bottom 20%.

“Australia is being fundamentally restructured along two lines. Wealth inequality is increasing absolutely for the bottom 40% of households in relation to the rest, and for the next 50% relative to the Top 10%, diminishing economic power and curbing social opportunity for 90% of households. If these trends continue, at some point, as Piketty has observed, ‘inherited wealth will dominate wealth amassed from a lifetime’s labor by a wide margin, and the concentration of capital will attain extremely high levels — levels potentially incompatible with the meritocratic values and principles of social
justice fundamental to modern democratic societies “

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: