The rich are getting richer in Australia (2000)

From the August 2000 issue of the Socialist Standard

According to the West Australian (8 April), Australia’s rich are getting richer faster than ever. There are now 240,000 (dollar) millionaires; double the number just five years ago.

Not surprisingly, the increase in wealth has been quickest among the top one percent of the population. This group of less than 90,000 families have seen their share grow 45 percent in less than five years, and are now worth $40 billion—a little above 16 percent of Australia’s total wealth. In fact, the richest 10 percent of the population control almost half of Australia’s total wealth. Of course the greatest publicity has been reserved for the instant computer multi-millionaires who have seen their wealth skyrocket. However, as elsewhere in the world, some of them may be riding for a fall.

According to Hans Baekgaard, senior economist at Access Economics, the poorest 50 percent have only managed to maintain their share through superannuation, and the rest mainly in the ownership in their house. In other words, they are largely propertyless in the means of living, and have to rely on their wages to make ends meet.

That’s capitalism for you!

Peter E. Newell