Via The Sydney Morning Herald: Gap between rich and poor widens. Excerpt:
The richest Australians saw their wealth rise at more than triple the pace of the poorest as the economy withstood the global recession of 2009, a government report shows.
Average net worth jumped 15 per cent to $2.2 million for the wealthiest households in the four years through June 30, 2010, compared with a 4 per cent gain to $31,829 for those at the other end and an 11 per cent increase to $427,168 for those in the middle, the Australian Bureau of Statistics said in a report released today.
The local economy has avoided a recession for two decades as demand for iron ore, coal and natural gas from Asia’s developing economies bolsters exports, keeps unemployment near 5 per cent and lifts wages.