The Australian Council of Social Services (ACOSS) has today released a report entitled Inequality in Australia: A Nation Divided, which argues that rising house prices, along with superannuation concessions that benefit the wealthy, are making the rich-poor wealth divide worse, particularly between younger and older cohorts:
A person in the top 20% income group receives around five times as much income as a person in the bottom 20%. A person in the top 20% wealth group has a staggering 70 times as much wealth as a person in the bottom 20%.
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Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
