Australia’s image of ‘a fair go’ has waned over the past two decades, with the gap ‘blowing out’ between those who have lots, and those without much.
This is according to the peak body for the community services sector, Australian Council of Social Service (ACOSS).
Their latest report (at apo.org.au), is co-authored with UNSW Sydney, and claims the average wealth of the highest 20 per cent is ‘growing at four times the rate of the lowest’.
ACOSS say, ‘From 2003 to 2022, the average wealth of the highest 20 per cent rose by 82 per cent and that of the highest five per cent rose by 86 per cent, leaving behind the middle 20 per cent (with a 61 per cent increase) and the lowest 20 per cent (with a 20 per cent increase)’.
‘The overall increase in wealth inequality over the period was mainly driven by superannuation, which grew by 155 per cent in value owing to compulsory savings property investment.
‘Contrary to the public image of ‘mum and dad’ property investors, investment housing is very unequally shared: the wealthiest 20 per cent hold 82 per cent of all investment property by value’.
An alien’s perspective
If a friendly, highly advanced alien were to arrive on the planet, and by chance they landed in Australia, what would they say?
After consuming all the information available on the internet, and asking around a bit, it’s plausible that they might make some observations like this:
‘Humans have the ability to solve the problems of which they have created themselves.
‘Yet greed, fear and conformity has blinded those few who have control of the masses.
‘This includes the political/bureaucratic class who control policy levers, and those who manage large volumes of cash, the biggest on the planet being US investment firms BlackRock, Vanguard and State Street.
‘Wealth equality and education is the best insurance against poverty and misery.
‘It protects the wealthy from fear of invasion, and creates a fairer, more advanced society because it creates opportunity.
‘How many great minds, with great ideas, have toiled away their lives as slaves?
‘During the global Covid pandemic, Australia’s government showed that poverty is a choice.
‘The government made the choice to financially support the poorest and most vulnerable.
‘After the optics of the pandemic ebbed away, the government chose to return the policy levers to again exploit that section of the community.
It looks like everyone forgot that rather quickly.
‘What a shame for those who continue to toil away their lives as slaves, and for human society as a whole’.
Hans Lovejoy, editor
For four decades The Echo has printed the stories some people loved, some people hated, and some pretended not to read. If you want us to keep telling the truth, the real truth, not the sugar-coated version. We’ll need your support to keep the presses rolling. 
