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Follow today’s news liveGet our breaking news email, free app or daily news podcastGrowing inequality erodes social cohesion – LeighIn his speech, Andrew Leigh will say growing inequality is an issue because it erodes social cohesion.When wealth is concentrated among a few, society becomes fragmented. Our sense of collective responsibility diminishes, and the fabric that binds us as Australians weakens.This approach contrasts with our predecessors, whose tax policies disproportionately benefited the highest earners, widening the gap between rich and poor. By maintaining a fair and responsible tax structure, we can fund essential public services while ensuring that the most fortunate Australians contribute their fair share.Yet since the 1980s, Australia has seen what economists describe as a ‘Great Divergence’, reversing the gains of earlier decades.Today, the top 1% of income earners receive nearly 10% of national income, nearly doubling their share from 40 years ago. Wealth inequality is even more extreme, with the richest 10% owning more than 60 times the wealth of the bottom 10%. Continue reading...
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Growing inequality erodes social cohesion – Leigh
In his speech, Andrew Leigh will say growing inequality is an issue because it erodes social cohesion.
When wealth is concentrated among a few, society becomes fragmented. Our sense of collective responsibility diminishes, and the fabric that binds us as Australians weakens.
This approach contrasts with our predecessors, whose tax policies disproportionately benefited the highest earners, widening the gap between rich and poor. By maintaining a fair and responsible tax structure, we can fund essential public services while ensuring that the most fortunate Australians contribute their fair share.
Yet since the 1980s, Australia has seen what economists describe as a ‘Great Divergence’, reversing the gains of earlier decades.
Today, the top 1% of income earners receive nearly 10% of national income, nearly doubling their share from 40 years ago. Wealth inequality is even more extreme, with the richest 10% owning more than 60 times the wealth of the bottom 10%. Continue reading...
