Invest
Left out: How well has 26 years of growth trickled down?
More than 40 per cent of Aussies believe they haven’t benefited from the last 26 years of economic growth, but most agree large corporations have gained a lot.
Left out: How well has 26 years of growth trickled down?
More than 40 per cent of Aussies believe they haven’t benefited from the last 26 years of economic growth, but most agree large corporations have gained a lot.

According to the Committee for Economic Development of Australia’s (CEDA) latest report, only 5 per cent of Australians consider themselves to have personally gained a lot from the last 26 years of economic growth.
At the same time, 44 per cent think they’ve gained nothing from the last 26 years’ growth, with those aged over 50 most likely to feel they haven’t gained anything.
“A decade of stagnant incomes and cost of living pressures in areas like health and electricity are contributing to this feeling but waning trust in business and politics are also likely factors,” CEDA chief executive Melinda Cilento said.
“Economic development and reform are important for improving Australians’ quality of life, but if the community feel removed from the benefits or have lost trust that the benefits from growth will be broadly shared, then gaining traction on economic reform becomes more difficult.”
She said Australia will need to better attach aspirations and expectations with business activities in order to improve future economic opportunities. Additionally, economic reforms and improved delivery of government services will help meet community expectations.

“The expectation that government should provide the services fundamental to the quality of life in Australia remains strong,” Ms Cilento said.
“Over recent decades there has been a narrative that growth equals prosperity but the results suggest that many Australians do not feel like they are getting ahead.”
Poll respondents listed cutting the company tax rate and red tape as the least important national issues, along with a strong private school system, increased humanitarian intake of refugees and less restrictions on the use of natural resources.
However, speaking at the CEDA State of the Nation Conference on Sunday, Treasurer Scott Morrison said Australia’s current company tax rate is stifling growth and a reduction would benefit 90 per cent of private sector workers.
He said high taxes on both companies and individuals are the greatest impediments to growth.
“Our tax system must reward effort. It must support working Australians who are trying to get ahead. It must not penalise those who do better, get a pay rise or work more hours, by asking them to pay ever-increasing rates of tax,” Mr Morrison said.
“Our tax system must encourage our businesses to grow, invest, hire more Australians and pay them more. It must support them to compete on fairer terms with their global competitors. It must not leave them uncompetitive in a global marketplace that embraced lower company tax rates long ago.”
According to the CEDA report, How Unequal? Insights on inequality, 79 per cent of Australians consider the gap between the richest and poorest a 'not very acceptable' or 'not acceptable at all' consequence of economic growth.
“These results underline the challenge of addressing expectations of a fairer distribution of the proceeds of economic growth without creating disincentives for economic participation and entrepreneurial activity,” CEDA said.

Spending
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male ...Read more

Spending
The cost of politeness: Aussies out of pocket by $1,350 due to 'awkward tax'
It's the time of year when Australians dive into their pockets for festive events and gatherings, yet a recent study by PayPal suggests that many are too polite, or perhaps too embarrassed, to ask for ...Read more

Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. Read more

Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. Read more

Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. Read more

Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. Read more

Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. Read more

Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. Read more

Spending
Moneysmart study reveals Gen Z women more concerned about finances than men
A new research conducted by ASIC’s Moneysmart has unveiled the heightened levels of stress and concern regarding finances and the cost of living among Australian Gen Z women compared to their male ...Read more

Spending
The cost of politeness: Aussies out of pocket by $1,350 due to 'awkward tax'
It's the time of year when Australians dive into their pockets for festive events and gatherings, yet a recent study by PayPal suggests that many are too polite, or perhaps too embarrassed, to ask for ...Read more

Spending
Aussies can ‘NAB Now Pay Later’ with the last major bank to embrace BNPL
NAB has become the latest bank to enter the BNPL market. Read more

Spending
Aussie households spent $368 a week on transport after petrol price surge
Fuel costs have increased by 40 per cent over the past year, a new report from the Australian Automobile Association has revealed. Read more

Spending
Voters say reducing the cost of living should be the government’s top priority
Aussies have ranked high cost of living as the top issue that needs to be addressed by the next government. Read more

Spending
Bodies back Labor’s commitment to stronger BNPL regulation
All parties should commit to stronger regulations for the BNPL sector, according to Financial Counselling Australia. Read more

Spending
Household spending surges led by retail and recreation
Spending on retail, recreation and hospitality have continued to climb as COVID-19 case numbers and restrictions have eased. Read more

Spending
Banks extend financial assistance to flood-affected customers
A range of assistance is available from major banks to those impacted by flooding in NSW and Queensland. Read more