This report is the first in a new five year partnership between the Australian Council of Social Service (ACOSS) and the University of New South Wales (UNSW) to reduce poverty and inequality in Australia.
The Poverty and Inequality Partnership builds on previous collaboration between ACOSS and the SPRC at UNSW that has already produced a series of reports on poverty and inequality. Our goal is to provide a robust, independent, authoritative research series that regularly monitors the level, nature and trends in poverty and inequality in Australia.
Over the next five years, we will broaden our lens on these issues though examination of the intersection between poverty and inequality and housing, justice and health issues as well as other social outcomes.
This will be done through collaboration with UNSW researchers across the university including: Professor Bill Randolph, Professor Hal Pawson and Research Associate Ryan van den Nouwelent from City Futures Research Centre; Professors Mark Harris and Evelyne de Leeuw from the Centre for Primary Health Care and Equity; and Professor Brendan Edgeworth and colleagues from the Faculty of Law.
We gratefully acknowledge the leadership of UNSW President and Vice Chancellor Professor Ian Jacobs along with UNSW Deputy Vice-Chancellor Inclusion and Diversity Professor Eileen Baldry in championing this initiative.
We also sincerely thank all the ACOSS partners for their generous support: Anglicare Australia; Australian Red Cross; the Australian Communities Foundation Impact Fund (and two sub-funds- Hart Line and Raettvisa); the BB & A Miller Fund; the Brotherhood of St Laurence; CoHealth; the David Morawetz Social Justice Fund; Good Shepherd Australia New Zealand; Mission Australia; the St Vincent de Paul Society; the Salvation Army; and the Smith Family.
This report shines a light on inequalities in income and wealth in Australia using the latest available data from the Australian Bureau of Statistics. It tells us that the gap between those with the highest and lowest incomes in Australia is unacceptably large - a person in the highest 20% lives in a household with five times as much disposable income as someone in the lowest 20%.
It also tells us that incomes are very concentrated, with the top 20% collectively receiving 40% of all household income, more than the lowest 60% combined. Wealth is even more unequally distributed. The average wealth of a household in the highest 20% is 100 times that of the lowest 20%.
The report shines a light on the faces of economic inequality – who is most likely to be left behind or getting ahead. While the level of income inequality has plateaued since the Global Financial Crisis, wealth inequality has continued to grow.
We share a concern that the income gap will continue to widen once stronger economic growth resumes. We also share the belief that this is not inevitable and that tax, transfer, labour market and education policies can and must play a more effective role in reducing divisions in our community.
We hope that this report and the broader poverty and inequality research series informs policy debate and inspires reform to create a more inclusive and equitable Australia.
The Poverty and Inequality Partnership builds on previous collaboration between ACOSS and the SPRC at UNSW that has already produced a series of reports on poverty and inequality. Our goal is to provide a robust, independent, authoritative research series that regularly monitors the level, nature and trends in poverty and inequality in Australia.
Over the next five years, we will broaden our lens on these issues though examination of the intersection between poverty and inequality and housing, justice and health issues as well as other social outcomes.
This will be done through collaboration with UNSW researchers across the university including: Professor Bill Randolph, Professor Hal Pawson and Research Associate Ryan van den Nouwelent from City Futures Research Centre; Professors Mark Harris and Evelyne de Leeuw from the Centre for Primary Health Care and Equity; and Professor Brendan Edgeworth and colleagues from the Faculty of Law.
We gratefully acknowledge the leadership of UNSW President and Vice Chancellor Professor Ian Jacobs along with UNSW Deputy Vice-Chancellor Inclusion and Diversity Professor Eileen Baldry in championing this initiative.
We also sincerely thank all the ACOSS partners for their generous support: Anglicare Australia; Australian Red Cross; the Australian Communities Foundation Impact Fund (and two sub-funds- Hart Line and Raettvisa); the BB & A Miller Fund; the Brotherhood of St Laurence; CoHealth; the David Morawetz Social Justice Fund; Good Shepherd Australia New Zealand; Mission Australia; the St Vincent de Paul Society; the Salvation Army; and the Smith Family.
This report shines a light on inequalities in income and wealth in Australia using the latest available data from the Australian Bureau of Statistics. It tells us that the gap between those with the highest and lowest incomes in Australia is unacceptably large - a person in the highest 20% lives in a household with five times as much disposable income as someone in the lowest 20%.
It also tells us that incomes are very concentrated, with the top 20% collectively receiving 40% of all household income, more than the lowest 60% combined. Wealth is even more unequally distributed. The average wealth of a household in the highest 20% is 100 times that of the lowest 20%.
The report shines a light on the faces of economic inequality – who is most likely to be left behind or getting ahead. While the level of income inequality has plateaued since the Global Financial Crisis, wealth inequality has continued to grow.
We share a concern that the income gap will continue to widen once stronger economic growth resumes. We also share the belief that this is not inevitable and that tax, transfer, labour market and education policies can and must play a more effective role in reducing divisions in our community.
We hope that this report and the broader poverty and inequality research series informs policy debate and inspires reform to create a more inclusive and equitable Australia.
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