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 “