{"id":5056,"date":"2015-07-14T01:00:36","date_gmt":"2015-07-13T15:00:36","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5056"},"modified":"2015-07-14T01:00:36","modified_gmt":"2015-07-13T15:00:36","slug":"the-gap-between-the-rich-and-the-poor","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/","title":{"rendered":"Australia – the gap between the rich and the poor – Michael Yardney"},"content":{"rendered":"

 
\nAccording to the latest OECD report \u2013 the Organization for Economic Cooperation and Development \u2013 the gap between rich and poor keeps widening across the world. That\u2019s not necessarily the case in Australia.\u00a0Today we look at why the rich are getting richer with\u00a0Michael Yardney<\/strong><\/a>, from Metropole Property Strategists.<\/p>\n

<\/h4>\n

Transcript:<\/h4>\n

Kevin:\u00a0 <\/b>According to the latest OECD report \u2013 the Organization for Economic Cooperation and Development \u2013 the gap between rich and poor keeps widening across the world. That\u2019s not necessarily the case in Australia.
\nTo understand what that really means, I\u2019m joined by Michael Yardney from Metropole Property Strategists. Hi, Michael.
\nMichael:\u00a0 <\/b>Hello, Kevin.
\nKevin:\u00a0 <\/b>Michael, a brief overview on what the study showed and what the differentials are for Australia?
\nMichael:\u00a0 <\/b>The OECD has 34 member countries, and what it showed was that the richest 10% of the population of these countries earns about ten times the income of the poorest 10%. That\u2019s not unusual. But what it\u2019s shown is that the inequality \u2013 the gap between the rich and the poor \u2013 has actually widened overall. But the good news for Australia is that not only are we amongst the wealthiest countries in the world, we\u2019re also amongst the most even in our wealth distribution.
\nKevin:\u00a0 <\/b>How wealthy are the wealthy?
\nMichael:\u00a0 <\/b>It depends where you look. The richest 5% of Australian households have a net wealth of about $2.7 million, which is marginally above the OECD average, while the richest 1% have equivalent of about $4.5 million (US). That\u2019s the richest people. But interestingly the wealth of our poorest people is growing faster than the wealth of many other countries\u2019 rich people.
\nThe reason is in Australia most people have a job, most people own homes, and that\u2019s keeping up the level of their wealth.
\nKevin:\u00a0 <\/b>How much of it\u2019s geared on property, Michael?
\nMichael:\u00a0 <\/b>Well, a lot of it has to do with property in Australia. While you and I keep talking about property investments, what we\u2019re saying here is that it\u2019s their home. In fact, the home represents 51% of the average Australian\u2019s wealth. A lot of Australians \u2013 1.9 million Australians \u2013 also own property investments, and that helps.
\nOne of the other factors about wealth is wages. The equality of male and female wages in Australia is more than in other countries.
\nOne of the reasons that the rich have been getting richer compared to the average person \u2013 we can\u2019t really call them poor in Australia \u2013 is because of the number of part-time jobs that have come up since the Global Financial Crisis. But there was an interesting recommendation from the OECD to level inequality.
\nKevin:\u00a0 <\/b>How can we reduce that inequality, Michael?
\nMichael:\u00a0 <\/b>It\u2019s not what a lot of people say about taxing the wealthy, rich property investors or the big corporations. What the OECD suggested was to improve skills and educate people in promoting better jobs. What they were saying is rather than bringing the top people down and soaking <\/b>the rich, it was actually wanting to raise the level of the poorer people in their countries.
\nKevin:\u00a0 <\/b>How do they do that?
\nMichael:\u00a0 <\/b>A lot of it has to do with education and improving skills so that people can get better jobs. Part of the issue with inequality was that people weren\u2019t well-equipped to take better-paying jobs.
\nKevin:\u00a0 <\/b>That\u2019s a good part about Australia. There are so many opportunities for people who want to get ahead.
\nMichael:\u00a0 <\/b>And the country is changing. We were living off the sheep\u2019s <\/b>back at Federation, and we were a manufacturing country, and then we had a little mining boom that came and went very quickly. Where jobs are going to happen in Australia, and the big growth prospects, is in service industries.
\nWe are so well geographically situated to provide services to the Asian Pacific region. But Services are going to occur from the big offices in the capital cities, particularly the big four capital cities of Australia. That\u2019s where economic growth\u2019s going to be, that\u2019s where wages growth is going to be, and in my opinion, Kevin, that\u2019s also where property capital growth is going to be, because people will have more money and be able to afford better properties.
\nKevin:\u00a0 <\/b>Great stuff. Thank you so much for your time. Michael Yardney from Metropole Property Strategists. Thanks, mate.
\nMichael:\u00a0 <\/b>My pleasure, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"

  According to the latest OECD report \u2013 the Organization for Economic Cooperation and Development \u2013 the gap between rich and poor keeps widening across the world. That\u2019s not necessarily the case in Australia.\u00a0Today we look at why the rich are getting richer with\u00a0Michael Yardney,…<\/p>\n","protected":false},"author":176692471,"featured_media":5057,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,25],"tags":[101],"class_list":["post-5056","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-sponsored-channels","tag-podcast"],"yoast_head":"\nAustralia - the gap between the rich and the poor - Michael Yardney - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia - the gap between the rich and the poor - Michael Yardney - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"  According to the latest OECD report \u2013 the Organization for Economic Cooperation and Development \u2013 the gap between rich and poor keeps widening across the world. That\u2019s not necessarily the case in Australia.\u00a0Today we look at why the rich are getting richer with\u00a0Michael Yardney,...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2015-07-13T15:00:36+00:00\" \/>\n<meta name=\"author\" content=\"rolanrush\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rolanrush\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/the-gap-between-the-rich-and-the-poor\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/the-gap-between-the-rich-and-the-poor\\\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"Australia – the gap between the rich and the poor – Michael Yardney\",\"datePublished\":\"2015-07-13T15:00:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/the-gap-between-the-rich-and-the-poor\\\/\"},\"wordCount\":748,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/the-gap-between-the-rich-and-the-poor\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"keywords\":[\"podcast\"],\"articleSection\":[\"Kevin Turner\",\"Latest Stories\",\"Sponsored Channels\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/the-gap-between-the-rich-and-the-poor\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/the-gap-between-the-rich-and-the-poor\\\/\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/the-gap-between-the-rich-and-the-poor\\\/\",\"name\":\"Australia - the gap between the rich and the poor - Michael Yardney - Realty Talk\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/the-gap-between-the-rich-and-the-poor\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/the-gap-between-the-rich-and-the-poor\\\/#primaryimage\"},\"thumbnailUrl\":\"\",\"datePublished\":\"2015-07-13T15:00:36+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/the-gap-between-the-rich-and-the-poor\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/the-gap-between-the-rich-and-the-poor\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/the-gap-between-the-rich-and-the-poor\\\/#primaryimage\",\"url\":\"\",\"contentUrl\":\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/the-gap-between-the-rich-and-the-poor\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Australia – the gap between the rich and the poor – Michael Yardney\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#website\",\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/\",\"name\":\"Realty Talk\",\"description\":\"Your Trusted Voice For Property Investing. Anywhere, Anytime.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\",\"name\":\"rolanrush\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g\",\"caption\":\"rolanrush\"},\"url\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/author\\\/rolanrush\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Australia - the gap between the rich and the poor - Michael Yardney - Realty Talk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/","og_locale":"en_US","og_type":"article","og_title":"Australia - the gap between the rich and the poor - Michael Yardney - Realty Talk","og_description":"  According to the latest OECD report \u2013 the Organization for Economic Cooperation and Development \u2013 the gap between rich and poor keeps widening across the world. That\u2019s not necessarily the case in Australia.\u00a0Today we look at why the rich are getting richer with\u00a0Michael Yardney,...","og_url":"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/","og_site_name":"Realty Talk","article_published_time":"2015-07-13T15:00:36+00:00","author":"rolanrush","twitter_card":"summary_large_image","twitter_misc":{"Written by":"rolanrush","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/#article","isPartOf":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/"},"author":{"name":"rolanrush","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d"},"headline":"Australia – the gap between the rich and the poor – Michael Yardney","datePublished":"2015-07-13T15:00:36+00:00","mainEntityOfPage":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/"},"wordCount":748,"commentCount":0,"image":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/#primaryimage"},"thumbnailUrl":"","keywords":["podcast"],"articleSection":["Kevin Turner","Latest Stories","Sponsored Channels"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/","url":"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/","name":"Australia - the gap between the rich and the poor - Michael Yardney - Realty Talk","isPartOf":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/#website"},"primaryImageOfPage":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/#primaryimage"},"image":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/#primaryimage"},"thumbnailUrl":"","datePublished":"2015-07-13T15:00:36+00:00","author":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d"},"breadcrumb":{"@id":"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/#primaryimage","url":"","contentUrl":""},{"@type":"BreadcrumbList","@id":"https:\/\/channels.realty.com.au\/realtytalk\/the-gap-between-the-rich-and-the-poor\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/channels.realty.com.au\/realtytalk\/"},{"@type":"ListItem","position":2,"name":"Australia – the gap between the rich and the poor – Michael Yardney"}]},{"@type":"WebSite","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#website","url":"https:\/\/channels.realty.com.au\/realtytalk\/","name":"Realty Talk","description":"Your Trusted Voice For Property Investing. Anywhere, Anytime.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/channels.realty.com.au\/realtytalk\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/channels.realty.com.au\/realtytalk\/#\/schema\/person\/384a57ac9e52cb9bf19896cb15eaa52d","name":"rolanrush","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/86544778804295a7fa45cbde097dc3a58a45ba6ed28859f17059ca74c38723d2?s=96&d=mm&r=g","caption":"rolanrush"},"url":"https:\/\/channels.realty.com.au\/realtytalk\/author\/rolanrush\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts\/5056","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/users\/176692471"}],"replies":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/comments?post=5056"}],"version-history":[{"count":0,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/posts\/5056\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/media?parent=5056"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/categories?post=5056"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/channels.realty.com.au\/realtytalk\/wp-json\/wp\/v2\/tags?post=5056"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}