Government Policies and Inequality (HSC SSCE Economics): Flashcards
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Practise the cards
10 cards from this deck
Primary source of income for Australian households
Primary source of income for Australian households
Employment
Underemployment definition
Underemployment definition
Working less than full time but wanting more hours
National minimum wage increase June 2023 (%)
National minimum wage increase June 2023 (%)
8.65%
2023-24 Budget for social security and welfare
2023-24 Budget for social security and welfare
250 billion AUD
Govt intervention reduction in income inequality
Govt intervention reduction in income inequality
Approximately one-third
Income ratio highest to lowest quintile before govt action
Income ratio highest to lowest quintile before govt action
Over 12 times
Progressive income tax system feature
Progressive income tax system feature
Higher incomes face higher marginal tax rates
Compulsory superannuation minimum rate (current)
Compulsory superannuation minimum rate (current)
11% (rising to 11.5% from July 2024)
Housing Australia Future Fund amount and target
Housing Australia Future Fund amount and target
10 billion AUD for 30,000 homes over 5 years
% of investment properties owned by top 20% wealth holders
% of investment properties owned by top 20% wealth holders
80%