The level of wealth inequality in Australia is vastly underestimated by the public despite being a top priority for many, as new polling finds nearly three-quarters of Australians are unaware of the disparity in wealth distribution.
Research commissioned by the Australian Fabians reveals that 73% of people underestimate the level of wealth inequality in Australia, where the wealthiest 1% hold wealth equivalent to the poorest 70%.
Rectifying this inequality was nonetheless seen by many as a vitally important issue, with 43% claiming it should be a top priority for the Government and 69% believing that raising the minimum wage to a living wage would be an effective measure of achieving this.
The gap between rich and poor is damaging our society. Damaging economies around the globe. What is worse is that the gap is growing.
The world’s billionaires increased by 12 percent or almost $3.5 billion AUD a day last year. At the same time the poorest half of humanity saw their wealth shrink by 11 percent.