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Most Australians not feel benefit of economic boom
Last Updated: 2018-06-25 11:30 | Xinhua
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Australia has had 26 years of economic growth yet many of its people feel they are living in a stratified country of the haves and have-nots.

The new poll for the Committee for the Economic Development of Australia (CEDA), indicated an "economic disconnect," with perceived winners including large corporations and executives.

CEDA's national poll of almost 3,000 people found only five percent of people "believe they have personally gained a lot" from 26 years of consecutive growth.

This compared with 40 percent who said they had "gained a little," 44 percent who did not feel like they had gained at all and 11 percent who did not know.

Some 74 percent of people thought large corporations and senior executives had gained a lot, while shareholders and white-collar workers were also seen as winners.

CEDA chief executive Melinda Cilento, quoted in the Guardian newspaper's Australian online edition, attributed the results to "a decade of stagnant incomes and cost-of-living pressures in areas like health and electricity."

"Waning trust in business and politics are also likely factors," she added.

Cilento said support for economic reform became more difficult "if the community feels removed from the benefits or have lost trust that the benefits from growth will be broadly shared."

Respondents ranked high-quality public hospitals and aged care, limiting foreign ownership, increasing pension and toughening criminal laws and sentences as Australia's top priorities.

Employment type was the strongest predictor of whether respondents felt they had gained from growth. Those working full-time, on contracts and self-employed were more likely to have felt economic benefits, casuals with temporary employers less so.

Most respondents from rural and regional areas and those aged over 50 also felt they had not benefited from growth.

The report's release coincides with CEDA's two-day conference in Canberra in a parliamentary sitting week in which the Turnbull government will pursue legislation to cut taxes for companie earnings for more than 50 million Australian dollars (about 37.11 million U.S. dollars) a year.

After the coalition government passed its 144 billion dollar (106.87 billion U.S. dollar) personal income tax cut package last week, the opposition Labor Party argued for bigger benefits for low- and middle-income earners and promised to block or repeal the company tax cut.

(Editor:王苏)

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Most Australians not feel benefit of economic boom
Source:Xinhua | 2018-06-25 11:30
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