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Income Inequality In Australia Essay

489 Words2 Pages

Inequality, by definition is the difference in size, degree, circumstances and lack of one. Income and wealth inequality is currently a major phenomenon affecting the lives of many, including Australians. We aussies love to relish on our beliefs, specifically by perceiving our nation as egalitarian. We’ve deemed our country as an income and wealth friendly country, in which everyone receives suitable amounts of income/wealth depending on their occupations. However, all of these remarks are not necessarily correct and in this feature article I will aim to identify, illuminate and discover the current issues of inequality in income and wealth within Australia. Shockingly, Australia is currently securing itself as a member of the delinquent trends of rising income and wealth inequality. According to the International Monetary Fund (IMF), the Australian community has been able to present itself positively and managed to avoid major consequences of the inequality. This was mostly due …show more content…

This close to average-earning group is essential to the economy as they are technically ‘the glue that holds the overall equality in place’ (Dr Cassandra Goldie – chief executive, 2015). If however, the population of middle class is seeing a reduction, it could possibly result into a failure in the economic system. As the middle class act as a thorough fare or bridge, sorts of speaks, in making the continuous flow of income/wealth possible. Without the assistance of the middle class, the rich will accumulate most of the income that was meant to be acquired by the mid-class. Therefore, the rich will become richer while the inequality is even more spread out, there will be an increase in poor Australians and once again, the poor will become poorer. Thus, proving the true significance of middle class citizens – as it is vital to the success of the current epidemic and wellbeing of the Australian

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Australia has experienced a steady growth in economy during past twenty years. As a consequence of the rapid growth in economy, both labour and capital earnings rose and benefited to all households (Greenville, Pobke, & Rogers, 2013). Furthermore, among OECD countries, Australia achieved the second highest position in average income increase from the mid-1990s to the late 2000s (Fletcher & Guttmann, 2013; Greenville et al., 2013). Although the economy is shown a stable growth, income inequality is flouring across Australian states due to fundamental changes like privatisation, internationalisation of financial sector and so on (Johnson, Manning, & Hellwig, 1998).

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