household debt

A new report from Oxfam, released on the eve of the World Economic Forum, revealed that Australia’s richest 1% owned 23% of the country’s total wealth last year, up from 22% the year before, and more than the bottom 70% combined.

Based on data from Credit Suisse, the report also revealed that Australia now has 33 billionaires, up by 8 in the past year alone.

The Oxfam report shows that inequality is worsening.

When neoliberal economics was being established as a hegemonic position in Australia in the late 1980s, 1.2 million workers were employed in the manufacturing industry — 15% of the workforce.

The Australian Bureau of Statistics’ (ABS) latest employment analysis shows that 25,000 jobs were lost in manufacturing last year, bringing the total employed down to 920,000 — 7.8% of the workforce.

It is a trend that will only continue with the winding-down of the vehicle production industry and its related vehicle components sector.

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