Disposable income shot up for the richest 10% of Australian households after the pandemic, while the rest of the country found their financial situation going backwards, new analysis has shown.released a new report, A Snapshot of Inequality in Australia, examining how income and wealth inequality changed because of the Covid-19 pandemic-induced recession and subsequent economic recovery.
Australia’s wealthiest, however, saw their 2021-22 incomes leap by 10% on the previous financial year, having experienced a less than 1% reduction in income when the pandemic first hit, and holding steady throughout it. When adjusting the measures to take into account overall wealth, including property and other assets, people aged over 65 were not disproportionately represented in the lowest income brackets, but they did represent close to a third of the richest 10% of Australians, followed closely by those aged between 55 and 64.
The gap between men’s and women’s superannuation still begins when people hit working age “and never closes”, the research found, with average superannuation balances for men 44% higher than the average for women.
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