Review

Casino Oz

Review By Nealed Towart

Laurie Aarons' new book puts the spotlight on the growing gap being the rich and the poor.

Wealth distribution and philanthropy are hot topics, with John Howard urging business to be more charitable and to display the spirit of corporate citizenship. Within hours of his speech, the National Australia Bank replied that it "did not trumpet its philanthropy". This after announcing a $2 billion profit.

Others who might like to exhibit the philanthropic spirit some residents of the Woollahra municipality. Looking at the richest postcode, we find that 7 of the top ten suburbs for wealth by postcode are in that area. No fewer than 11,585 people in these suburbs owned at least $6,332 million worth of shares in companies paying franked dividends. Over 40 people in the BRW Rich 200 called these suburbs home.

By contrasting one of these suburbs - Bellevue Hill- with another Sydney suburb - Mt Druitt- we can see these nonsense of the "share-owning democracy' for what it is. In Bellevue Hill, 5,625 residents submitted tax returns in 1995-6; of these 1,602 (28%) shared over $28 million in imputation credits, representing shares worth $1,143 million, average imputation $713,433.00. In Mt Druitt 24,577 people made tax returns - but only 831 got any credits (3%) with the average credit $666.00, representing $26,640.00 worth of shares. Bellevue Hill's average shareholding was 27 times that of Mt Druitt.

Many claim that the poor are getting richer too (this to justify the obscene wealth being accumulated at the top end of town). A comparison of median income (median: exact middle income figure for all tax payers, not the average) shows that in 1982-3 the figure was (in 1996 dollar terms) $531.00 per week. In 1996-7 this figure was $519.00 per week, a fall of 2%. 61% of all taxpayers declared incomes below 80% of the average weekly earnings figure of $737.00.

Tax on the very rich dropped significantly because of dividend imputation over this period. In 1987-8 the income tax rate on $2 million was 54%. In 1996-7 it was 21%, lower than the 22% paid by someone on $635.00 p.w.

Many other interesting contrasts in wealth and poverty are presented in Laurie Aarons' book, Casino Oz: Winners and Losers in Global Capitalism, available from Goanna Publishing, PO Box 121 Bundeena NSW 2230 for $12.95 including postage.

  View entire issue - print all of the articles!

  Issue 46 contents

»	Carr Vows to Move on Casuals
»	NSW Government in Hot Seat Over Individual Contracts
»	Telstra Troubleshooter Bombs Stellar
»	Illegal immigrants Working Next Door to PM
»	Education Department Hit By Massive Fine
»	Victims Comp Changes Exclude Traumatised Worker
»	SOCOG Agrees: Ceremonies Not an Eisteddfod
»	Senate Guts 'Ships from Hell' Bill
»	Campaigners Seek Dissident Web Domains

»	The Soapbox
»	The Locker Room
»	Trades Hall
»	Tool Shed

»	The Real Big Fella
»	That's It For Labor
»	Join Australia's Gas Out
»	Tribute to Jennie

Notice Board
- Check out the latest events

Latest Issue

View entire latest issue
- print all of the articles!

Previous Issues

Subject index

Search all issues

© 1999-2000 Labor Council of NSW

LaborNET is a resource for the labour movement provided by the Labor Council of NSW

[ Privacy Statement | Disclaimer | Credits ]

LaborNET is proudly created, designed and programmed by Social Change Online for the Labor Council of NSW