Inequality in Australia
what percentage of national household income do the lowest 20% of Australian's hold?
6%
according to the world bank, what is the most equal country in the world by Gini index?
Slovak Republic 24.1
How did the Australian government avoid recession
during the Global financial crisis (2008) ?
stimulus package.
what is the Gigi coefficient ?
is a measure of statistical dispersion intended to represent the income inequality, the wealth inequality, or the consumption inequality
what year did James Cook arrive in Australia ?
1770
what percentage of national household income do the top 20% of Australian's hold?
41%
according to the world bank, what is the most unequal country in the world by Gini index?
South Africa 63.0
What year did Australia start trading with China ?
Australia has been trading with China since the 1750s but it was very small scale. But it was in the 1970s when Chinese trade became more significant. In 1973 trade with China reached Aud$113 mil
what is the Lorenz curve?
a graphical representation of the distribution of income or of wealth. It was developed by Max O. Lorenz in 1905 for representing inequality of the wealth distribution.
What was the first war Australia participated in ?
The Boer war 1899-1902
how much wealth (in $) did the lowest 20% of Australians households have in the 2019-2020 period?
$36,000
where dose Australia rank in inequality ?
72nd
What was the cause of the Eureka stockade ?
Mining license fees.
list 3 factors that effect inequality
labour market regulations, taxes, education, Economic liberalism, deregulation and the decline of unions, Technology, Globalization, Rent seeking and Politics
what was the name of Australia's firs prime minister ?
Edmund Barton
what percentage of national household income do the middle 20% of Australian's hold?
17%
what tax rate did Elon Musk pay per annum in the 2014-2018 period?
Elon Musk paid a “true tax rate” of about 3 percent between 2014 and 2018. Aber Christine, a flour vendor in Uganda, makes $80 a month and pays a tax rate of 40 percent.
what year did the Prices and Income Accord come into effect ? and who introduced it (party and PM)?
1983
Bob Hawke
labor
what is the labour theory of value? and who came up with it ?
labour theory of value holds that the value of goods and services is determined by the amount of direct and indirect labour inputs needed to produce them. The idea that labour is the source of value predates Marx, and it has even been argued that it can be traced as far back as the Greek philosopher Aristotle.
who said "ladies and gentlemen, well may we say God save the Queen because nothing will save the Governor-General"
Gough Whitlam
in the 1990's what percentage of total housing finance did first home buyers make up?
and what the percentage of total housing finance would first home buyers fall to in 2014-15 ?
19% in the 1990's
10% in 2014-15
what percentage of all new wealth created did the richest 1% get in 2023?
The richest 1 percent grabbed nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world’s population, reveals a new Oxfam report today. During the past decade, the richest 1 percent had captured around half of all new wealth. (Oxfam.org)
what global economic event caused the fall of the Whitlam government?
the 1973 oil crisis.
explain what the Marginal propensity to consume is ?
the marginal propensity to consume (MPC) is a metric that quantifies induced consumption, the concept that the increase in personal consumer spending (consumption) occurs with an increase in disposable income (income after taxes and transfers). The proportion of disposable income which individuals spend on consumption is known as propensity to consume.
how many of PM's did Australia have during the Second World War ?
name one ?
5. Robert Menzies, John Curtin Frank Forde, Ben Chifley and Arthur Fadden