Australia's boom made billionaires of some but what did it do for the poor?

Posted by Simon Dehne on March 21, 2016 in Latest News with No Comments

Australian MoneyAustralia’s 25 years of sustained economic growth in a highly unpredictable and volatile global economic environment is truly remarkable and unprecedented at the world stage. The country’s outstanding run, however, stands out alongside increased public concern that poverty has remained  high and increasing, particularly for certain population groups.

The Poverty Report published in 2014 by the Australian Council of Social Service (ACOSS) reports that 2.55 million Australian residents lived below the poverty line in 2012.  This is about 14 per cent of all Australian residents in 2012.

The extent to which growth reduces poverty depends on the degree to which the poor participate in the growth process and share in its proceeds. In this sense, both the pace and pattern of growth matters for reducing poverty.

One widely held view has been that Australia’s economic growth does not reach the poor as fully as it does other members of society. This demands the question, “How good has Australia’s economic growth been for the poor?”

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