Despite almost two decades of economic growth, is society in a measurable better position? Or have the beneficiaries been the already rich?
This chart shows Australia’s GDP history, courtesy of Wolfram Alpha:
The Gini Coefficient is a measure of income inequality. As the number grows nearer 1, the level of income inequality increases.
Australia’s Gini Coefficient has increased over time, reflecting a growing gap between rich and poor.
As at March 2019, regarding income growth (or lack thereof):
Income growth over recent years has been sub 3%. It used to be 6%.
— RBA governor Phillip Lowe