The most recent Mapping Social Cohesion surveys tell us that economic concerns have surged to the forefront of many Australians' minds.
Unemployment and the rising cost of living are not distant worries but real and present issues for many Australians. An increasingly uncertain global economic climate only compounds these worries, with 76% of respondents expressing significant concerns about a potential downturn.
But perhaps even more distressing is the increasing financial stress borne by everyday Australians. An alarming 37% of people reported struggling to pay their bills in 2022, marking a significant rise from 31% the previous year.
As if this weren't challenging enough, the Poverty and Inequality Report of 2023 lays bare a stark reality. Our nation, long hailed as the land of the 'fair go', is grappling with profound economic disparities. The data is as clear as it is unsettling. A startling one in eight people in our country live below the poverty line, while the top 20% earners account for almost half of all income.
These figures serve as a sombre reminder that, despite our shared aspiration towards fairness, inequality persists in casting a long and deepening shadow over our society.
In today's episode with guest Matt Grudnoff - Senior Economist at the Australia Institute we aim to explore the contours of this inequality, understand its far-reaching impacts, and discuss potential pathways towards a more economically inclusive future.
In this episode we discuss:
Matts research on the patterns of economic growth
Changing voting patterns amongst younger people
The biggest indicators of poverty
How economic policies have profound impact on intergenerational inequality
The economy is there to serve us not for us to serve the economy
Why its important to engage in economic debate
Voices of Australia is available on Apple Podcasts, Spotify, Google Podcasts, or wherever you get your podcasts.