Saved it to watch later, thanks!
When I think about living and working in Australia vs the UK, it definitely feels more equal in Australia. There's some oddities though, like public funds going to private schools and first nations folk still experiencing major inequality, and even in Australia there's the posh school old boys network bullshit.
If I were to guess, I'd say the most inequality we have is in rural areas. There is an awful lot of wealth in rural Australia but it seems like it's concentrated to the few lucky ones that had ancestors in the right place at the right time.
Yes agree.
There was an interesting article in this months Money Magazine about First Nations women and some of the financial issues they face. My knowledge of Indigenous communities and history is limited but culturally there was a sense of "share the wealth with the mob/tribe". It has unfortunately evolved into a practice known as "humbugging" where extended family members would beg/borrow/steal and drag down some of the more financially responsible family members.
It gave me an insight into the fact that for most of us, personal finance is just that. Personal. For other communities it's not so simple. If it's collective and people aren't working towards the same goals then it's going to result in trouble.
On the actual topic of inequality.... I agree, Australia stacks up pretty well. However there are a lot of people out there who are struggling. Honestly do not know how most non-property owners survive out there in today's rental market.
It's not like landlords are making bank either though.... Rents haven't covered costs on average for 20 years now, and as we've seen, there's no guarantee of capital gains either, especially after inflation.
