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Gap between rich and poor a $247 billion drag on our wellbeing

Matt Wade |  21 July 2019  |  Economics

The income gap between rich and poor is a bigger drag on the wellbeing of the Australian community than previously estimated, a broad measure of national welfare shows.

The Sydney Morning Herald/Age-Lateral Economics Wellbeing Index has lifted it estimate of the wellbeing cost of income inequality in 2018 by nearly $8 billion.

The upward revision was triggered by the release this month of data from the Bureau of Statistics’ 2017-18 survey of household income and wealth which revealed a modest increase in income inequality compared with the previous survey.

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