Australians aged in their early 40s, who were born to parents at the lower end of the income ladder, are 60 per cent more likely to end up rich than Americans.
America may bill itself as the land of opportunity, but new treasury research says Australians are more likely to climb the socio-economic ladder from poverty to relative wealth.
The treasury paper found that an Australian child born to parents in the bottom 20 per cent of incomes is over 60 per cent more likely to reach the top 20 per cent of incomes than an American child, with 12.3 per cent scaling the ladder in Australia, compared with 7.5 per cent in the US. New Treasury research shows that Australian adults in their early 40s are significantly more likely than their US counterparts to climb from the bottom rungs to the top of the income ladder.Treasurer Jim Chalmers said social and economic mobility was essential for a strong and more inclusive economy and while Australia was performing well, it could do better.
University of Melbourne Professor Roger Wilkins, an economist who specialises in income inequality, welfare reliance and labour markets, said the greater mobility in Australia compared to the US was consistent with a broader trend in which countries with lower income inequality have greater intergenerational income mobility.
“We’ve seen since then a big rise in the proportion of people going to private schools and a big increase in the wealth of private schools. These sorts of factors would be a cause for some concern.”
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