13 July 2019

Greg Jericho unpacks the latest ABS household incomes and wealth data: “The wealthiest 25% of Australians have increased their income by nearly double that of median income households, while the wealth holdings of the poorest 20% of households has actually declined… [O]ver the past two years the incomes of the richest 25% have increased by the most of any income quintile. Their 2.8% growth is well ahead of the 1.6% increase of the median quintile. … The survey also highlights that wealth remains very much unequal in Australia. The top 25% saw their wealth increase in the two years to 2017-18 by 17.7% to $1.8m compared to a 15% increase by median households to $320,200. Wealth for the bottom 20% actually went backwards. … The survey reveals inequality remains a key problem across both income and wealth. And while income inequality gets most of the coverage, wealth inequality is where the biggest divergences are occurring.“