this post was submitted on 28 Mar 2024
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We compared the finances of 30-year-olds now, to 30-year-olds 30 years ago (www.abc.net.au)
submitted 9 months ago by [email protected] to c/[email protected]
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I'm sure this whole article comes as a shock to nobody, but it's nice to see it recognised like this.

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[–] [email protected] 36 points 9 months ago (1 children)

Fuck this was depressing to read. Validating though.

[–] [email protected] 19 points 9 months ago

Ya wanna know what's even better? Most of the stats in this piece use averages. Averages are basically fake news when wealth inequality explodes, which it has over the last 30 years — if the top 1 million Australians have $1M, but the other 23 million Australians have $0, the "average Australian" has approx $42k — the situation is significantly more dire than this analysis makes it appear.

Take this article that focuses on the growth in the top 5-20%, even though the richest 1%, 0.1%, and 0.01% have made much larger gains relative to each other.