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The richest tenth of households owns almost half Australiaâs private wealth followed by a âcomfortable middle of 30 per cent with 38 per cent, leaving the lowest 60 per cent - who tend to be younger â with 16 per cent of household wealth.
Thatâs the conclusion of new research comparing the upper, middle and lower rungs of the nationâs wealth and income ladder.
There are concerns economic inequality could worsen in the wake of the pandemic
Credit:Louise Kennerley SMH
The average net worth of the richest ten per cent reached $4.75 million in 2017-18, underpinned by substantial property assets and a disproportionate share of stocks and business investments. That group owns 46 per cent of household wealth.
Last modified on Tue 1 Dec 2020 19.08 EST
What a year to come of age. To wander out of high school, or university, or Tafe, and into a world transformed by a once-in-a-lifetime pandemic.
To be young in 2020 is to have watched on helplessly as the exciting new freedoms that come with a birthday, or graduation, were quickly but necessarily taken away: That first “night out”. The first road trip in the first car.
For a generation of young Australians looking to their future, the wide vista of opportunities and possibilities they might have once counted on has dramatically narrowed with the arrival of recession in a nation blindsided by Covid-19.
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Critics of the cashless debit card have condemned the decision to temporarily extend the scheme as a backwards step for Indigenous Australians and welfare recipients.
Trials of the federal government’s scheme are set to go ahead for another two years after the government failed to convince the Senate to roll it out permanently in some areas.
The federal government said the policy would help communities by preventing people on welfare from spending money on alcohol and drugs.
But Indigenous community leaders as well as legal and advocacy groups have warned that continuing the “punitive, discriminatory and harmful scheme” will cause further harm to welfare recipients.