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    Income, wealth and economic inequality in Australia

    Access Status
    Fulltext not available
    Authors
    Tapper, Alan
    Fenna, Alan
    Date
    2018
    Type
    Journal Article
    
    Metadata
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    Citation
    Tapper, A. and Fenna, A. 2018. Income, wealth and economic inequality in Australia. Australian Journal of Social Issues. 53 (4): pp. 324-337.
    Source Title
    Australian Journal of Social Issues
    DOI
    10.1002/ajs4.47
    ISSN
    0157-6321
    School
    John Curtin Institute of Public Policy (JCIPP)
    Funding and Sponsorship
    http://purl.org/au-research/grants/arc/DP140102571
    URI
    http://hdl.handle.net/20.500.11937/71452
    Collection
    • Curtin Research Publications
    Abstract

    Economic well-being and economic inequality are usually quantified using income measurements of various sorts. Such analyses overlook the contribution of wealth – a potentially very significant factor. In this article, we integrate wealth and income data to provide a more comprehensive accounting of economic well-being and economic inequality in Australia. Using the Australian Bureau of Statistics Household Expenditure Survey microdata for 2009–2010, we present a cross-sectional analysis of wealth-adjusted income. We examine the relative contributions of income-and-wealth to wealth-adjusted income and compare the distribution of wealth-adjusted income to the distribution of income and the distribution of wealth. Wealth, we find, makes up between one-fifth and two-fifths of wealth-adjusted income; the incorporation of wealth increases the inequality already present in the income distribution (as measured using final incomes) by about 25 per cent.

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