Australia one of the richest most equal countries

Australia is not only one of the wealthiest countries in the world but also has one of the most equal distributions of wealth.

A new OECD study on inequality shows that Australia also stands out as one of the only advanced countries where the distrib­ution of income has become more equal over the seven years since the global financial crisis.

In Australia non-standard working arrangements often generate higher incomes.

The richest 5 per cent of Australian households have a net wealth equivalent to $US2.2 million ($2.78m), which is marginally above the OECD average, while the richest 1 per cent have net wealth equivalent to $US4.5m, slightly below the average.

However, the middle 60 per cent of households have net wealth of $US211,000, which is 41 per cent higher than the OECD average of $US140,000.

The only countries with higher average net wealth than Australia are the US and Canada.

The study shows that Australia is closer to the middle of the advanced­ nations in the dis­tribution of income, with the best-paid 10 per cent of the population earning 8.8 times more than the worst-paid, which is slightly below the OECD average of 9.6 times.


Australia is one of the few countries in which the bottom 10 per cent of the population improv­ed their incomes over the period of the global financial crisis while the top-earning 10 per cent earned less.


More than 40 per cent of jobs in Australia are either part-time, temporary or self-employed, which is one of the highest shares in the world. The study found that part-time workers in Australia earn more per hour than those on standard full-time positions..


http://www.theaustralian.com.au/business/economics/australia-one-of-worlds-richest-most-equal-countries-oecd/story-e6frg926-1227364239037

5 comments

I suppose its indicative of the sight . But moaning and complaining posts get many replies but good news gets none .,.

 

I have said on a number of occasions that this is the best country in the world in which to live....despite its faults.

Sadly, many do not realise it.

Pete,

I have never seen wealth as much of a yardstick.

Freedom and the security that goes with it stands out to me. Wealth is often a matter of choice whereas freedom is not.

By sundown today if I so wish I can have moved a couple of hundred kilometres inland and be parked in the bush in my little Teardrop camper, on my own and no fears for my safety.

I could also be fishing down the coast a bit, having a beer in the local with friends or with people I have just met or just stay put  in the comfort of my home.

Personal wealth is not my measure of Australia. Never has been. Freedom is it. Money is meaningless without it.

SD

I entirely agree but without some money freedom means very little  ...

.... a dear lady (my best friend's Mum in fact....)  - and in her 80's told me quite a few years ago - "Money isn't everything - but - it sure gives you a lot of choices in life" - I have always remembered that ..................

I remember another saying Foxy:  "Money is not everything but it sure eases the pain."

Or another money isn't everything but its a long way in front of what comes second.. 

Pete,

Some money is the operative word. Wealth has another meaning entirely.

SD

5 comments



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