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Income And Wealth In Australia Essay

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Income And Wealth In Australia Essay
Income And Wealth Distribution In Australia
By Anthony Stokes, Senior Lecturer in Economics. Australian Catholic University, Strathfield While the overall standard of living in Australia is higher than many other countries in the world, not all Australians are benefiting. There are considerable differences in the levels of income and wealth between the richest people in Australia and the poorest. In addition, the gap, between those with the highest living standards and those with the lowest has widened. People’s income and reserves of wealth provide access to many of the goods and services consumed in daily life. The main ways people improve their standard of living and quality of life is through the accumulation of income and wealth. This paper will discuss income and wealth distribution in Australia and some of the factors that have contributed to it.

What Are The Main Sources Of Income In Australia?
Income and wealth are different and as a result the levels of inequality in income and wealth are also different. Income is the flow of earnings received by an …show more content…
9.

10. Describe the main changes in Australia’s income distribution from 1994-95 to 2009-10. In your answer refer to the change in the Gini Coefficient.

How Is Wealth Measured In Australia?
The ABS derives estimates of Australia’s net worth (wealth) from the value of households’ assets less their liabilities. The most recent measurement of Australia’s wealth was collected in the 2009-10 Survey of Income and Housing (SIH). Wealth is a net concept and measures the extent to which the value of household assets exceeds the value of their liabilities. In 200910, ABS (2011b) measured that the average value of household assets was $839,000. The corresponding value of average household liabilities was $120,000, resulting in an average household net worth of $720,000.
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Source(s): ABS (2011a), Household Income and Income Distribution, 6523.0

What Are The Main Sources Of Wealth In
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