In 2020, Australian GDP was $2 trillion but Australian households received another $1.7 trillion in capital gains as overall wealth increased to $12.7 trillion. But Australia currently has no taxes on wealth, so what does that mean for the economy in the long term and for reducing inequality?
The wealth of Australians (or at least some of them) has grown by an extraordinary $9.5 trillion or 302% in the past 33 years according to a new report released by the Australia Institute. But because Australia currently has no taxes on wealth and collects very little income from capital gains, government revenues have not grown nearly as rapidly as the wealth of Australians.
australiainstitute.org.au // @theausinstitute
Host: Ebony Bennett, Deputy Director at the Australia Institute // @ebony_bennett
Richard Denniss, Chief Economist The Australia Institute // @RDNS_TAI
David Richardson, senior research fellow at The Australia Institute // @daverr01
Producer: Jennifer Macey //@jennifermacey
Theme Music: Pulse and Thrum; additional music by Blue Dot Sessions