The next frontier in the attack on welfare is likely to be on government spending on essential services
The latest release of figures of household incomes, spending and savings reveals that the share of total income held by the richest 20% of households remains at near record levels, but that so too does the level of income tax they pay. However, more than anything, the figures highlight the need to resist reductions in taxation and associated government spending on vital services. They show the delivery of public health and education reduces inequality the most effectively.
In the last financial year, new figures from the bureau of statistics have revealed that the richest 20% of households accumulated 47.5% of the total before-tax private income. This figure, which excludes government cash benefits, is the second highest share to go to the top 20% this century:
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