A new report by the Australian Council of Social Service (ACOSS) has revealed staggering levels of inequality in Australia.
1. The wealthiest 20% in Australia have 70 times more wealth than the bottom 20%.
Wealth is concentrated in the hands of the rich, with the top 10% of wealth holders owning 45% of all wealth. The bottom 40% of households own just 5% of all wealth in Australia.
Wealth includes assets like housing and money saved in the bank. The average household wealth of the top 20% is $2.02 million with an average household income of $232,175.
The bottom 20% have an average wealth of $44,250 and average income of $33,911.
In terms of income inequality, a person in the top 20% income group has five times as much income as someone in the bottom 20%.