What is income? Income is the amount that is received in a given period of time. It could also be said to be the flow of funds. How is income distributed in Australia? In 1999-2000, the richest 20% of income units received 48.5% of total income. The poorest 20% of income units received less than 4% of total income. Income is mostly distributed from the household. This can be shown through the circular flow model which shows the circular distribution of money and assets through an economy. Main sources of Income in Australia Wages and salaries 56% Business Profits 21% Property Income 9% Social security 10% What is Wealth? Wealth is the value of the things a person owns at a point in time. Wealth is the stock of assets. Wealth distribution shows greater inequality. According ABS, in 1998 the richest 20% of income units owned 65% of the total wealth. The poorest 20% had negative wealth which subsequently meant that they where in debt. Main sources of Wealth in Australia Land, houses, units 57......

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