Income Inequality In Australia

Words: 696
Pages: 3
Open Document
How can we claim to live in a good society when some have millions while others struggle to survive? Economic inequality is the unequal distribution of money, this collective term covers income and wealth inequality. Economic inequality can destroy our society as it prevents economic growth and puts people in poverty. While economic inequality is definitely a negative, we should acknowledge why it occurs.

Wealth inequality is the worst economic issue in our country. Data shows the wealthiest 20% of Australians own 60% of the country's wealth, whereas the poorest 20% own less than 1%. In that ratio, in a country that has $100, the poorest individuals only have $1 per person, while the wealthiest have around $60 per person. This leads to many …show more content…
Income inequality is the maldistribution of wages throughout society. Someone in the highest 20% of the income scale lives in a household that receives six times the income of someone in the lowest 20%. Do you think this is unfair?, seeming that one household income could support many. People in the lowest 20% do not have access to the same resources as the people in the higher income bracket. Being stuck in the cycle of poverty decreases life expectancy as you are not able to afford proper food, shelter and education. This creates social division, which is the beginning of societal and political corruption. Therefore, income inequality is degrading the quality and threatening …show more content…
We can work together as a good society to reduce wealth and income inequality, providing equal opportunities to everyone regardless of their situation. Providing livable wages to everyone will create a better society. People who were once unable to, will discover skills and talents, working with them and giving back to the community. We can reduce income inequality by increasing progressive taxation, where higher income individuals are taxed at a higher rate. We can also reduce wealth inequality by raising the minimum wage and investing in education for everyone. Most importantly, we need to economically support those who are stuck in poverty. By strengthening social safety nets, we will improve the lives of vulnerable families and individuals experiencing
Show More

Related Documents: Income Inequality In Australia

INCOME INEQUALITY IN AUSTRALIA Essay

economies in most countries income variations are common between citizens of the same country. At each point in time some, individuals earn relatively less compared to others who earn relatively more in the same economy, and this result to the inequality in the distribution of national income and national wealth. There are various reasons for the existence of these variations and the negative impacts of the same. This paper tries to explain income distribution in Australia over the past 10 years, investigate…

Words 2095 - Pages 9

Income-Related Health Inequalities In Health

Inequalities in health are one of the common issues in any health care system. They are complex, and unavoidable. Inequalities in health are defined as the differences in health status. The health inequalities occur due to the differences in socio-economic factors. One of the factors that affect inequalities in health is the income (Eikemo, Bambra, Joyce, & Dahl, 2008; McGrail, van Doorslaer, Ross, & Sanmartin, 2009). Income-related health inequalities are not limited to the developing countries…

Words 722 - Pages 3

Australian and Japanese Economy Comparison Economics Essay

Japanese Yen (¥). This comparison examines the: economic growth rate; quality of life; employment; unemployment; distribution of income and the role of the government in: health; educations and social welfare in Australia and Japan. By doing so it then identifies the differences and similarities to determine how similar the two economies really are. Japan vs. Australia 2004 2005 2012 2013 Japan GNI per capita, PPP (current international $) 29,930.0 31,150.0 36,540.0 37,790.0 Japan Population,…

Words 1863 - Pages 8

Raising Minimum Wage

Many workers worldwide are stuck in low-income jobs that don’t pay enough to make ends meet. Even though minimum wage workers work full time, the current wage rate is often not enough to bring them above the poverty threshold. Over time a strategy needs to be created and implemented to create ways for minimum wage workers to move out of the low-wage economy. Until that occurs, an immediate boost can take place by raising the minimum wage from the current pay of $7.25 an hour. This most recent push…

Words 1285 - Pages 6

Assessment Task 1 Global Economy Research Essay

others negatively. The impacts have been seen on both a global scale and a domestic scale through various features of the global economy. Inequality can be measures through instruments such as the Human Development Index (HDI), Gross Domestic Product (GDP), and Gross National Income (GNI). Purchasing Power Parity (PPP) can be used to investigate the inequality of currency worth between countries nationally. Domestic Economic resources (Factor endowments) The resources a singular country has access…

Words 1411 - Pages 6

Vocabulary: Wealthy Can Pay Board Of Australia

Letters 01.03.15 Outline  Vocabulary & Background  Letter & analysis: Author, audience & relationship (Tenor) Purpose, Tone, Patterns of Grammar, Language  Evaluation  Discussion Vocabulary  flat income tax: a tax system that applies the same tax rate to every taxpayer regardless of income level and type.  inheritance tax: a levy paid by a person who inherits money or property or a tax on the estate (money and property) of a person who has died  wealth tax: a levy on the total value…

Words 825 - Pages 4

Differences Between Australia And Japan

Australia and Japan are two exceptionally advanced and industrialised mixed market economies, meaning their economies are mostly run by private market forces, but there is also substantial government intervention in economic life. Australia and Japan are closely linked and have a very strong economic relationship within the world economy that has evolved over decades. These two economies provide for an interesting comparison, as they are similar in many aspects, however they do have their various…

Words 2454 - Pages 10

Wealth Inequality Script

Wealth Inequality Script What is wealth inequality? Wealth inequality is the unequal distribution of assets within a population. This is being practiced to the extreme in this day and age. Countries all over the world are experiencing it; the poor are getting poorer and the rich are getting richer. Locally Wealth inequality may not be as much of a problem in our local area, but it is still evident. There are obvious segments around the Sunshine Coast; regions where the people of considerably high…

Words 891 - Pages 4

The Development Of Papua New Guinea

the potential to double GDP in the near future and triple Papua New Guinea’s export revenue. In Australia, economic development is measured by GDP. However for many low-income countries such as Papua New Guinea this is an inaccurate measure due to a number of reasons. Many people are subsistent (consume what they produce and there never reaches the market), there is a lot of inequality in income and wealth which means that an average figure for GDP per person is inaccurate. Finally GDP makes no…

Words 1088 - Pages 5

State Pension should not be Abolish Essay

in Great Britain reported that people were arguing about whether can they rely on state funds pension or they have to manage our own pension funds scheme (Great Britain, 2012). According to The Australian Financial Review (2015), age pension in Australia costs $42 billion a year, this number is equal to 10 per cent of all government expenditure. It is growing much faster than the economy and taking an increasing share of government spending. Some people might think that government should not spend…

Words 2097 - Pages 9