Australia is an egalitarian society whose wealth distribution gap has arisen between the rich and the poor. Australia’s egalitarian society was as a result of the treatment of people as second class citizens refused to accept that they were in any way inferior. This refusal to accept inferiority much differentiates Australia from its eastern hemisphere neighbors, where hierarchical thinking prevails. Different Australians have tried to alleviate the feelings of weakness due to the wide gap in the Australian wealth distribution in different ways. In sport, some Australians have taken the difficult option of trying to improve themselves. In the arts, many Australians have taken the creative alternative to avoid feelings of inferiority. The Australian egalitarian has masked the unequal wealth distribution. But Australian income inequality has made the country to become a very creative country. Some Australians have taken the bigoted option by criticizing others to feel better
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AUSTRALIA’S EGALITARIAN SOCIETY AND WEALTH DISTRIBUTION STATISTICS
Well-off Australians are pulling away from the rest of the nation, with inequality of wealth rising in recent years as The Australian income inequality rose to an all-time high. Income growth has been virtually non-existent as many average household incomes have stagnated, with almost no increase since 2013. Income inequality has also remained relatively stable. ABS’s report shows that wealth is highly concentrated in Australia, even though there is a disparity between Australia’s egalitarian society and its wealth distribution. The average net worth of the top 20% of households is more than 93 times that of the lowest 20%. The high-wealth homes have enjoyed substantial gains. Those at the bottom have had almost none leading to the Australian wealth distribution gap increasing.
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AUSTRALIAN WEALTH INEQUALITY THEORY
There was the renaming of the economic theories that have led to the Australian wealth distribution gap between the rich and the poor never died, and they. When Costello was a treasurer, he cut the top tax rate and increased the threshold for the top bracket by 300% while also introducing a 50 % discount on capital gains. He also made multi-million dollar incomes from superannuation entirely tax-free. His actions went against the views of Australia’s egalitarian society. Unemployment benefits in Australia have been so low. Hence, the Business Council of Australia believes that it is time that they rise. During Treasurer Costello’s tenure, he oversaw unemployment benefits falling from 3% above the poverty line to 13% below. This contributed to the Australian income inequality. The Australian egalitarian society is as a result of the fact that the wealth distribution gap of the country has increased over the years
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