Australians have given away more than $1.5 trillion in the past 20 years and could be on track to hand over another $6 trillion in the coming three decades.
The commission’s team of economists expects the sums to grow nearly fourfold by 2050 as increasing household wealth continues to swell through by Australia’s runaway housing prices and maturing superannuation balances, increasing the pool of money and assets to be given away., transfers are emerging as a significant money flow. But until now, there has been little research in the country on the economics of giving money away.
The commission reports that bequests in the poor and middle-income families have most power to change lives for the better, with the poorest Australians getting a wealth boost from their inheritance worth 50 times – in relative terms – the improvement of fortunes enjoyed by wealthy inheritors. “When measured against the amount of wealth they already own, those with less wealth get a much bigger boost from inheritances on average – about 50 times larger for the poorest 20 per cent than the wealthiest 20 per cent.
noeltowell So ScottMorrisonMP intends to tax inheritances and has the SMH softening up voters? auspol
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