Australian income gap widens
Monday, Dec 05, 2011 Filed Under :Planet Talk Card News
Australia's income gap has significantly widened, figures from a new Organisation for Economic Co-operation and Development (OECD) report have found.
The top one per cent of the country's wealthiest people are grabbing a greater share of Australia's GDP than at any time since the 1950s it found, taking home 8.8 per cent of incomes.
It was also discovered that during the 1970s, the Australian incomes were the most evenly distributed with the top one per cent of earners taking home 4.8 per cent of the country's wealth.
Of all the OECD countries surveyed, the highest levels of income inequality were found to be during the First World War, remaining low in mainland European countries and Japan.
However, since the 1980s it has climbed dramatically in the USA, Australia, Canada, Ireland and the UK.
The USA in particular now has the top one per cent of earners taking home 18 per cent of the country's wealth.
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