Australia’s growing inequality, in graphs The Drum: Inequality has been the undisputed, number one topic of economics over the past year. Focus on the issue was given an almighty boost with the publication of French economist Thomas Pikettys study Capital in the Twenty-First Century, and earlier this year the IMF released a study on the topic titled Redistribution, Inequality and Growth. Australia might have a better record than America when it comes to inequality, but that wont continue if it borrows the latters policies on welfare, health, higher education and the minimum wage, says Greg Jericho who writes weekly for The Drum. He offers some comparisons between the US and Australia. One of the key findings of Pikettys work is that equality does not happen by accident. You need a government that cares about the issue, otherwise inequality will rise inexorably. Jericho says that today, the top 1 per cent of Australian income earners receive the highest share of income held by the richest 1 per cent since the Korean War wool boom of 1950.
Posted on: Sat, 28 Jun 2014 10:35:00 +0000
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