top 1% have more wealth than the bottom 70% in Australia, page-9

Except that the tone and content of your post is at odds with the facts.

Australia ranks very well on a global context in terms of income inequality, with its Gini Coefficient of 0.33 being barely changed over the past 30 years [*] and being in the bottom half (close to the bottom quartile, in fact) of 140 countries, as evaluated by the World Bank and reported in The Guardian.





A 2015 report by the Allianz Group presented the top 10 nations, ranked by Gini Coefficient, as follows:



Australia is clearly way off those sorts of asymmetrical levels.


[*] Actually, the Gini Coefficient for Australia was very stable around 0.30 to 0.31, until the major asset re-pricing that occurred over the past 10 years due to the near-unprecedented low cost of capital, globally, due to highly accommodative monetary policy.

Which means that, because of a structural upwards step-change in asset pricing those who were savers and investors were lucky enough to end up being in a better wealth position today than those who did not save and invest.


So, to summarise, according the facts:

1. Australia is a very egalitarian society, compared to most other countries.

2. Income and wealth distribution in Australia has been remarkably stable over the long-term, and the slight uptick in the past decade or so in Australia's Gini coefficient has been predominatly due to extraneous factors in capital markets.

..