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Income ratios include the pre-tax national income share held by top 10% of the population and the ratio of the upper bound value of the ninth decile (i.e. the 10% of people with highest income) to that of the upper bound value of the first decile (the ratio of the average income of the richest 10% to the poorest 10%).
The International Monetary Fund in April 2012 predicted that Australia would be the best-performing major advanced economy in the world over the next two years; the Australian Government Department of the Treasury anticipated "forecast growth of 3.0% in 2012 and 3.5% in 2013", [60] the National Australia Bank in April 2012 cut its growth ...
Economic inequality is an umbrella term for a) income inequality or distribution of income (how the total sum of money paid to people is distributed among them), b) wealth inequality or distribution of wealth (how the total sum of wealth owned by people is distributed among the owners), and c) consumption inequality (how the total sum of money spent by people is distributed among the spenders).
Wealth distribution can vary greatly from income distribution in a country (see List of countries by income equality). Higher Gini coefficients signify greater wealth inequality, with 0 being complete equality, whereas a value near 1 can arise if everybody has zero wealth except a very small minority.
The inequality income metric should be independent of the aggregate level of income. This may be stated as: = where α is a positive real number. Population independence Similarly, the income inequality metric should not depend on whether an economy has a large or small population.
The concept of inequality is distinct from that of poverty [5] and fairness. Income inequality metrics (or income distribution metrics) are used by social scientists to measure the distribution of income, and economic inequality among the participants in a particular economy, such as that of a specific country or of the world in general.
This can be depicted by the straight line y = x; called the "line of perfect equality." By contrast, a perfectly unequal distribution would be one in which one person has all the income and everyone else has none. In that case, the curve would be at y = 0% for all x < 100%, and y = 100% when x = 100%. This curve is called the "line of perfect ...
Western Australia has the largest gender pay gap of any state or territory in Australia. As of May 2021, the gap was 21.9% in average weekly ordinary time between male and female earnings. [31] A specialist Pay Equity Unit in Western Australia was established in 2006 to address the State's gender pay gap.