, and it is now revealing another deep, long-term challenge for Australia: our collective wellbeing is not growing as quickly as our riches.The index shows that between 2005 and 2012 wellbeing growth kept pace with GDP, and sometimes surpassed it. But during the past decade, the improvement in wellbeing has slowed sharply. Since mid-2012, quarterly GDP has increased by almost 20 per cent .
Meanwhile, some major drags on wellbeing, especially ill health, have been getting worse. The wellbeing cost of higher obesity rates, for instance, has more than doubled since 2005, the index shows. The index also takes account of income distribution in Australia. That’s because research has found each additional dollar received by the poorest fifth of households adds at least five times more to our collective wellbeing than each additional dollar received by the wealthiest fifth. While income inequality has only deteriorated a little over the past decade, that was enough to weigh on wellbeing overall.
MattWadeSMH Nothing surprising here! It's been well known for years, the rich are getting richer while the middle & working classes get poorer. And the poor are barely surviving.
MattWadeSMH That’s because the wealth funnels into the hands of the already obscenely wealthy, much of it going to natural resource tycoons. Gina Rhinehardt awarded Australia Day honours & her wealth is from pulling minerals out of the ground that belongs to all Australians.
MattWadeSMH Australia lead the pack in the OECD under MrKRudd & JuliaGillard then the LNPCorruptionParty came along.. You need an AustralianLabor gov & a good independent cross bench concerned with integrity, equity & ClimateAction for collective wellbeing. climate200 Independent
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