Over-50s feel left out of boom

Over-50s feel left out of economic boom

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SEARING REPORT: Melinda Cilento, chief executive of CEDA, said Australian report feeling the heat from stagnant incomes and cost of living pressures

SEARING REPORT: Melinda Cilento, chief executive of CEDA, said Australian report feeling the heat from stagnant incomes and cost of living pressures

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Australians more likely to report that large companies, top executives and foreign shareholders have benefited most.

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AUSTRALIANS aged over 50 were the least likely to feel they have gained from Australia’s record run of economic growth, a new survey reports.

A national poll of almost 3000 people by the Committee for Economic Development of Australia revealed Australians overall were more likely to report that large companies, senior executives and foreign shareholders have gained the most.

CEDA chief executive  Melinda Cilento said the report, “Community pulse 2018: the economic disconnect’’, showed government delivery of critical services and support in health, aged care and law and order were the top priorities for many Australians.

“The expectation that government should provide the services fundamental to the quality of life in Australia remains strong,” Ms Cilento said.

“Over recent decades there has been a narrative that growth equals prosperity but the results suggest that many Australians do not feel like they are getting ahead.

“Only five per cent of Australians reported having personally gained a lot from our record run of growth, while 74 per cent felt larger corporations and senior executives have gained a lot.

“A decade of stagnant incomes and cost of living pressures in areas such as health and electricity are contributing to this feeling but waning trust in business and politics are also likely factors.”

The poll also said people aged over 50 and those outside  capital cities were more likely to feel they had not gained from economic growth.

Other findings showed most Australians did not think the gap between the richest and poorest in Australia was acceptable, and more than 30 per cent found it difficult or very difficult to live on their current incomes.

“The top five most important issues to people were reliable, low-cost basic health services; reliable, low-cost essential services; access to stable and affordable housing; affordable, high-quality chronic disease services; and reduced violence in homes and communities,” Ms Cilento said.

“The most important issues nationally were high-quality and accessible public hospitals; strong regulation to limit foreign ownership of Australian land/assets; increased pension payments; high-quality and choice of aged care services; and high-quality and accessible public schools.”

The least important national issues were a strong private school system; lower company tax; increased humanitarian intake of refugees; less business regulation; and fewer restrictions on using natural resources.

Key elements include

  • 5 per cent of people believed they had personally gained a lot
  • 44 per cent of people did not feel they had gained at all
  • 11 per cent didn’t know if they had gained
  • People outside capital cities were less likely to feel they had gained 
  • People over 50 were more likely to feel they had not gained at all
  • 31 per cent of people were finding it difficult to live on their current income
  • 74 per cent odd people believed large corporations had gained a lot
  • 79 per cent of people believed the gap between the richest and poorest Australians was unacceptable. 
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