No longer true that the rich keep getting richer as the poor get poorer
As Alan Austin reports, the latest data confirms that current policies are gradually reversing chronic inequality in Australia.
SALARY James Hardie CEO Harun Erter According to the company’s annual data, there was a figure of around $15.03 million in 2024. report. This drops to just $9.26 million in 2025.
Macquarie Groupboss in pocket $32.82 million in 2023. This fell the following year and slipped It will rise again to $29.27 million in 2025.
They are among hundreds of senior executives in Australia whose salaries are falling as wealth and income shift from the top end to the bottom and middle.
Others include: Goodman GlobalCEO for 2022 wage $15.8 million cut It will increase to $14.2 million in 2025. ANZ Bank boss Shayne Elliott it was mercenary $4.1 million in 2024. The person who will replace him Nuno Matos, accepted $975,000 last year.
in 2023 Qantas CEO Alan Joyce A huge payout of $21.44 million was made. Instead, Vanessa Hudsonit was mercenary $6.31 million in 2025.
Don’t worry too much, though. This nation will get by.
Rebalancing continues
These examples don’t prove that all fat cats are getting haircuts, but they do strengthen the evidence that inequality is easing.
IA. showed that most low- and middle-income Australians achieved significant improvements in their living standards under the Albanian Government’s policies. We reported that it increased worksInflation was brought under control, interest rates were reduced and tax burdens were reduced.
We have quantified major increases in the minimum wage, average wages, pensions, benefits and Commonwealth rental assistance; These are all well above those mentioned above. inflation.
We followed the increase in investments in new housing, especially public housing, across the country.
We reported record sales in new cars, light aircraft, jewellery, cosmetics and dining out. We saw a higher percentage of the population than ever before trip abroad and at an all-time high records in expensive private schools.
Social welfare institutions are now asked to help fewer poor citizens.
Approval from research institutes
Unfortunately Swiss bank Credit Suisse It no longer publishes the annual global wealth data book as it did from 2010 to 2022. This revealed the distribution of wealth among all percentiles of the Australian population.
learned from us 2022 data book The richest 10 percent of citizens owned 52.4 percent of all wealth, while the other 90 percent owned only 47.6 percent. The richest 1 percent held 21.8 percent of the wealth, while the share of the poorest 40 percent was 4.5 percent. Grrrr!
We can compare this with 2012Ten years ago, the imbalance was not so stark; the top 10% had 44.9% and the bottom 90% had 55.1%.
If there are recent analysis hereA. If true, we’d expect the top group in 2026 to hold less than in 2022. Unfortunately, we may never know.
But what we have is a table from global data analyst MacroMicroIt shows the share of the top 10% in national income until 2024. This is consistent with I .A.Its report showing the share of top earners peaked at 35.4% in 2021 and has fallen every year since. We expect the next two years to be even lower, but we don’t know yet.
Another proof, of course, is our old favorite chart. national income Between employee salaries and company profits. This does not identify different income ranges but confirms a clear shift from profits to wages five minutes after Labor takes office in 2022. See the table below.
A strange riddle solved
A confusing data point in recent years has been the Australian Bureau of Statistics (ABSs) is published quarterly in national accounts. Frankly, if this measures how much money citizens will spend, then the higher the better. And if an economy is experiencing a spectacular consumer spending boom, it must be rising dramatically. TRUE?
But since its peak of $20,241 in June 2022 (a month after Labor was elected), this statistic has fallen steadily, falling to $19,253 in December 2024 and rising only slightly since then. Latest levelThe figure reported two weeks ago for the fourth quarter of 2025 was just $19,426.
Considering Australia’s appalling political news media, this dismal statistic is a far cry from the lying mainstream media. newsroomsshocked tabloidscoward Oppositionanti-worker institutions and various internet nuts Attacking the Government for falling living standards.
In fact, as overwhelming evidence shows, the opposite is true. So how to resolve this contradiction? Here’s how.
Consider a company with two managers and eight employees. If bosses were paid a million dollars a year after taxes and workers were paid $100,000, total disposable income would be $2.8 million.
Now imagine a restructuring where managers get $700,000 and workers get $150,000. How does this affect the living standards of this community of ten?
Frankly, most are much better off, with eight in ten earning 50% more. Bosses will survive on $700,000.
This is a much more fair and desirable situation for both individuals and the group. No questions.
However, total net income is now down from $2.8 million to $2.6 million. Average per capita income also fell from $280,000 to $260,000.
This reflects Australia from 2022 onwards. The total revenue pie has fallen slightly from previous abnormally high levels, largely due to the Coalition’s mismanagement of the Covid stimulus. But the vast majority are now taking larger slices. Everyone’s living standards are either higher or unchanged. Everyone is a winner!
This data set (real net disposable income per capita) actually provides evidence that the shift towards greater equality is continuing.
let’s hope lending CEO Anthony Lombardo he sees it this way. Its 2022 wage $3.32 million to cut last year it rose to $2.19 million.
But cheer up, Tony! You are contributing to a greater good.
Alan Austin is an Independent Australian columnist and freelance journalist. You can follow him on Twitter @alanaustin001 and Bluesky @alanaustin.bsky.social.
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