Category: Income Gap

Other Australians earn nothing like what you think. If you’re on $59,538, you’re typical

Email Twitter2 Facebook LinkedIn Print I’m guessing you earn less than A$200,000. And I’m guessing you think you’re missing out. People keep telling you so. On one side of politics Labor leader Anthony Albanese says anyone earning $200,000 dollars a year “can’t be described as being in the top end of town”. On the other, Prime Minister Scott Morrison parries with interviewers when asked whether people on $180,000 to $200,000 (the biggest beneficiaries of his planned 2024 Stage 3 tax cut) are “high income”. Support non-profit journalism you can trust. “They’re hardworking people working out on mines and difficult parts of the country,” he says. “They deserve a tax cut.” Hardworking or not, Australians on more than $200,000 are rare. And an awful lot of them don’t work at all. $200,000 is unusual

Source: Other Australians earn nothing like what you think. If you’re on $59,538, you’re typical

Vintage year for the wealthy: COVID-19 widens gap between rich and poor – Michael West

Executive bonuses inflated by JobKeeper, rising property and share prices, tax cuts for the wealthy. What’s not to like about 2020 for the top end of town? Tasha May takes a closer look at how the pandemic is exacerbating wealth inequality in Australia.

Vintage year for the wealthy: COVID-19 widens gap between rich and poor – Michael West

While global household incomes grow thanks to the boom, here’s why ours keep falling – Michael West

The last 6 years have all been below average with the LNP claiming they have been “fixing it” the sure have!!(ODT)

While global household incomes grow thanks to the boom, here’s why ours keep falling – Michael West

US bosses now earn 312 times the average worker’s wage, figures show | Business | The Guardian

Astronomical gap between the pay of workers and bosses exposed in report on earnings of America’s top 350 CEOs

The Maoist Revolution in China was inspired by tesesorts of numbers. (ODT)

US bosses now earn 312 times the average worker’s wage, figures show | Business | The Guardian

Australia’s richest 20%​​ own almost two thirds of country’s wealth, report finds | Australia news | The Guardian

It says the richest 20% of Australian households own 62% of all wealth, while the lowest 50% own just 18%. The average household wealth in the highest 20% group is $2.9m, five times that of the middle 20% and almost a hundred times that of the lowest 20% at $30,000.

via Australia’s richest 20% own almost two thirds of country’s wealth, report finds | Australia news | The Guardian

Cost of living pushing Australian workers into homelessness | Australia news | The Guardian

Homeless

The number of employed Australians seeking help for homelessness has jumped by almost 30% in three years, sparking concerns that stagnant wage growth and high housing costs are pushing workers to the brink.

The Victorian-based Council to Homeless Persons has released an analysis showing 20,302 employed Australians sought homelessness support in 2016-17, well up from 15,931 in 2013-14.

via Cost of living pushing Australian workers into homelessness | Australia news | The Guardian

What’s behind rich people pretending to be self-made? | US news | The Guardian

‘Americans connect hard work with deservingness: if we just work hard enough, we will be abundantly rewarded.’

Meanwhile, few who make the “I did it all myself” argument question the absurdity of seeing earnings as a measure of grit and moral worth. Does anyone really think that a CEO, whose pay is on average 271 times greater than that of his typical worker, works 271 times harder than his employees, who might actually be doing strenuous physical labor?

via What’s behind rich people pretending to be self-made? | US news | The Guardian

Congress’ Tax Plan is a give-way to the Rich, not a Reform

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it’s literally just a giant giveaway to millionaires, billionaires, and wealthy corporations. The non-partisan Tax Policy Center estimates that 80 percent of the benefits in the new plan will go to the richest 1 percent, while nearly one in three working families would end up paying more.

via Congress’ Tax Plan is a give-way to the Rich, not a Reform

Pay bonanza continues for Australia’s CEOs, despite some nips and tucks

One of the big features of this corporate reporting season, has been the increasing number of companies releasing the company’s earnings, and the CEO’s earnings, on the same day.

Source: Pay bonanza continues for Australia’s CEOs, despite some nips and tucks

Executive pay: top bosses scoop average of $5.7m a year as bonus boom keeps on giving | Business | The Guardian

Chief executives are more likely to get fired than be denied bonuses for supposedly exceptional performance, an investor group says

Domino’s Pizza boss Don Meij was the third highest-paid chief executive in Australia on $21m, a “remarkable” result given his reported salary was $4m, the report said.

Meij’s windfall came from cashing in options on the back of a share price surge that came to a screaming halt this month when Domino’s missed profit targets, and following months of publicity about problems in its franchises including claims of multimillion-dollar underpayments.

The averaged “realised” pay among ASX 100 chief executives in 2016 was $5.7m, which was 93 times the average Australian earnings as of last November.

Source: Executive pay: top bosses scoop average of $5.7m a year as bonus boom keeps on giving | Business | The Guardian

It’s time to target the top end of town and the obscene profits of the super-rich | Helen Szoke | Opinion | The Guardian

Instead of punishing the poor our government should target large companies shirking their responsibility to pay their fair share of tax

Source: It’s time to target the top end of town and the obscene profits of the super-rich | Helen Szoke | Opinion | The Guardian

CEOs bank on bonuses as average Australian worker left to flounder | Business | The Guardian

In a year of record low wage growth for workers, executives of Australia’s biggest companies received massive bonuses – just for doing their job

Source: CEOs bank on bonuses as average Australian worker left to flounder | Business | The Guardian

Australia should compare CEO and average worker pay as the US and UK do | Julie Walker | Australia news | The Guardian

Pay ratios are an important measure of income inequality over time and regulators should look at making them mandatory

Source: Australia should compare CEO and average worker pay as the US and UK do | Julie Walker | Australia news | The Guardian

The Guardian view on high pay: mind the gap | Editorial | Opinion | The Guardian

Editorial: The latest report on chief executives’ pay shows yet another inexplicable rise. It needs action – but pay at the bottom end of the scale is an even greater affront to just returns

Source: The Guardian view on high pay: mind the gap | Editorial | Opinion | The Guardian

Tackling inequality – » The Australian Independent Media Network

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st year the IMF released a paper called “Causes and Consequences of Income Inequality: A Global Perspective.” “We find that increasing the income share of the poor and the middle class actually increases growth while a rising income share of the top 20 percent results in lower growth—that is, when the rich get richer, benefits…

Source: Tackling inequality – » The Australian Independent Media Network

People of calibre – » The Australian Independent Media Network

In an attempt to show that politicians were sharing the pain of the 2014 Budget, Tony Abbott announced a freeze on politicians’ pay rises.  Needless to say, that didn’t last long. Federal politicians, judges and top bureaucrats received a 2 per cent pay rise from January 1 this year. Malcolm Turnbull will pocket over $10,000…

Source: People of calibre – » The Australian Independent Media Network

Australia’s rich are getting richer. Everyone else is stagnating | Greg Jericho | Business | The Guardian

Is it fine for inequality to increase as long as everyone’s incomes rise? That worked OK in the boom but now the richest households are pulling away

Source: Australia’s rich are getting richer. Everyone else is stagnating | Greg Jericho | Business | The Guardian