THE combined wealth of Australias seven richest people is greater than the poorest 1.73 million households, new figures show. AND the Australia Institute warns policies being adopted by the federal government are likely to widen the gap between the extremely wealthy and the nations poorest. The institutes paper, Income and Wealth Inequality in Australia, reveals how a reduction over time of the top marginal income tax rate has helped the rich get richer and widened the disparity between wealth and incomes in Australia, Fairfax Media reports. The nations seven richest people are Gina Rinehart whose wealth is estimated at $22 billion, Frank Lowy ($6.87 billion), James Packer ($6 billion), Anthony Pratt & Family ($5.95 billion), Ivan Glasenberg ($5.61 billion), Harry Triguboff ($4.95 billion) and Wing Mau Hui ($4.82 billion), for a total worth of $56.2 billion, figures from the Australian Bureau of Statistics show. In comparison, the figures reveal the lowest 20 per cent of households own about $54 billion. In an attack on the Abbott governments proposed budget cuts targeting low-income families, the institutes report suggests the gap between rich and poor will grow if payments to low-income families are reduced further. However, the institutes paper said tax cuts introduced by governments in the past eight years had contributed to the wealth divide, with the top 10 per cent of earners benefiting more than the bottom 80 per cent of taxpayers.
Posted on: Tue, 08 Jul 2014 00:14:51 +0000