Miranda Stewart with Roger Wilkins and Troy Henderson 28 th March - - PowerPoint PPT Presentation

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Miranda Stewart with Roger Wilkins and Troy Henderson 28 th March - - PowerPoint PPT Presentation

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Miranda Stewart with Roger Wilkins and Troy Henderson 28 th March 2019 Inequality, Tax and Welfare Melbourne School of Government 1 Series: Talking About Economic Inequality Income inequality in Australia Gini coefficient for household

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SLIDE 1

Inequality, Tax and Welfare

Melbourne School of Government Series: Talking About Economic Inequality

1

Miranda Stewart

with

Roger Wilkins and Troy Henderson

28th March 2019

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SLIDE 2

Income inequality in Australia

0.26 0.28 0.3 0.32 0.34 0.36 1 9 9 4

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5 1 9 9 6

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Gini coefficient for household equivalised disposable income

ABS HILDA

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SLIDE 3

Income inequality in selected OECD countries

0.2 0.25 0.3 0.35 0.4 0.45 0.5 D e n m a r k B e l g i u m S w e d e n A u s t r i a P

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a n d N e t h e r l a n d s H u n g a r y F r a n c e G e r m a n y K

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e a S w i t z e r l a n d C a n a d a I t a l y A u s t r a l i a P

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t u g a l G r e e c e J a p a n S p a i n N e w Z e a l a n d U n i t e d K i n g d

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U n i t e d S t a t e s T u r k e y C h i l e M e x i c

  • Gini coefficient, around 2016

Source: OECD Data

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SLIDE 4

Top incomes in Australia

8.1% in 2015-16 Minimum income to be in top 1%: $245,326 2.4% in 2015-16 Minimum income to be in top 0.1%: $605,802

Sources: ATO, ABS

6.3% in 1994-95 1.8% in 1994-95 1 2 3 4 5 6 7 8 9 1994-95 1999-2000 2004-05 2009-10 2014-15 %

Income share of the top

Personal 'tax gross' income excluding capital gains

Top 1% Top 0.1%

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SLIDE 5

Relative income poverty in Australia

6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 1 9 9 4

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Percentage of people below half the median income

ABS HILDA

(Median ‘equivalised’ income was $47,875 in 2016-17)

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SLIDE 6

Wealth inequality in Australia

0.55 0.56 0.57 0.58 0.59 0.6 0.61 0.62 2002-03 2003-04 2004-05 2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16

Gini coefficient for household wealth

ABS HILDA

Note: HILDA excludes dwelling contents

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SLIDE 7

Wealth inequality in selected OECD countries

10 20 30 40 Greece Japan Italy Poland Belgium Portugal Australia Spain Canada Hungary Chile France United Kingdom Denmark Germany Austria Netherlands United States %

Wealth share of the top 1%, around 2015

Source: OECD (2018)

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SLIDE 8

Income inequality before and after income taxes and transfers

0.2 0.25 0.3 0.35 0.4 0.45 0.5 1 9 9 4

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Gini coefficient – ABS Survey of Income and Housing

Market income (wages, investment income, etc.) Gross income (market income plus cash transfers) Disposable income (gross income minus income taxes) Full income (disposable income plus in-kind social transfers)

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SLIDE 9

Inequality, Tax and Welfare

Melbourne School of Government Series: Talking About Economic Inequality

9

Miranda Stewart

with

Roger Wilkins and Troy Henderson

28th March 2019