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Economics: Australian Equity and Equality Cheat Sheet (DRAFT) by

A cheat sheet regarding; the Australian Poverty Line, Australian Poverty Trends, The Positives and Negatives of a more Equal Economy, and the current Government Policies regarding poverty

This is a draft cheat sheet. It is a work in progress and is not finished yet.

The Poverty Line

50% of median income, before housing costs
Single adult: $433 a week
A couple with two children: $909 a week
(Dr Cassandra Goldie and Professor Peter Saunders, 2018)

Statistic: Weekly Incomes

Gini Curve

More Equality: Danny Dorling

According to Danny Dorling - Professor at University of Oxford - Wrote 'The Equality Effect' in 2017
In his book: compares more equal and unequal societies
Increase in marginal utility
Develop in a more enviro­nme­ntally sustai­nable fashion
Countries growing to inequality (UK and the United States): increasing complaints - costs or scarcity of health­care, housing, and many other basic necess­ities
Wage inequality contri­butes to gender inequality - "­people who resent their continuing low pay often take out their anger on people they see as potent­ially inferior to them"
Increase in marginal utility
Produce less waste
Commit fewer crimes
 

Statistic: Average Weekly Income Overall

More Economic Effici­ency: Tejvan Pettinger

Economics teacher (A Level students) at Greenes College Book: Cracking Economics published 2017
Methods of reducing poverty often are unpopular because people are stigma­tised as being poor
Create a disinc­entive to earn a higher wage
“poverty trap” - occurs where people on low incomes are discou­raged from working extra hours or getting a higher paid job because any extra income they earn will be taken away in lost benefits and higher taxes
Some relatively poor may fall just outside the qualifying limit

Current Income Support System

Has not increased in 25 years
Some goods and services have increased in price due to limited resources (eg. housing)
Income Support System provides $40 a day/$1­5,000 a year
"Is not enough to survive on while working to get into employ­men­t" (ACOSS­,2018)
 

Poverty Trends

3.05 million people
13.2% of the population
More than one in eight
53%: social security main source of income
38%: Wages main income
Gini Coeffi­cent: 33.20% - 4.40% increase from 2017

GDP per Capita

Methods to Reduce Poverty

Increase the rates of the lowest social security payments
New supple­ments for costs of disability and caring for children alone
Additional employment assistance for long-term unemployed people to help them become ready for work
An adequate minimum wage
Increased access to affordable housing
Expansion of investment in social housing
Expansion of the National Rental Afford­ability Scheme (NRAS)
Improved afford­ability of essential health and community services such as dental care and child care
Increase tax rate to supply social security payments
Instil­lment of more education programs
According to Australian Council of Social Service (ACOSS), 2018

Current Tax Rates