ACOM105 English Language Communication Skills

Questions: A recent report titled by Oxfam shows inequality in Australia is the worst it has been in two decades. Research and report on the possible problems this wealth divide might cause and some possible solutions. Discussion demonstrates evaluation and synthesis between problems and solutions with effective support from the research findings. The conclusion and recommendations have a clear relationship to the discussion points. Findings include evidence-based problems and solutions which explore different aspects of the topic demonstrating depth of understanding. Includes clear explanation and examples. Purpose statement is appropriate, bears a strong relationship to the topic, is specific, and clearly predicts the findings Information is accurate and relevant, demonstrating an evaluation of the significance of the problems and solutions title page, abstract,table of contents, introduction, findings, discussion, conclusion, recommendations, refrences the refrences should be used from academic resources. Answers: Introduction According to the Oxfam, the CEO named Helen Szoke stated that since the Global Financial Crisis took place for more than the decade, the total wealth of the Australian billionaires has boosted up by nearly 140 percent to a total amount of $115.4 billion last year. However, along with the time, the mediocre wages range of a normal individual living in Australia have raised by 36% as well as average household wealth increased by 12%.  In addition to this, the one percent of the total population who are considered to be the richest are continuing to earn more wealth as compared to the lowest 70% of the total population of Australian combined together. The main purpose of this report is to analyze the inequalities that is growing in a rapid for in Australia.   Finding It has been found that the report has exposed the increasing gulf that has took place between Australia’s mega richest and the rest of the total people who live in Australia. The total number of Australians who are billionaires are increasing with pace in the last financial year as compared to before. This has resulted in increasing the number of inequalities segments in the last two decades. The total share of the wealth which has been held by the wealthiest 1% endures to rise, even though wages increment for the normal workers has reduced in order to record lows as per the study stated. In addition to this, it was also found that unions have reacted to the published report by demanding the urgent need to rise the pay amount (Green left, 2018). Even though daily Australians are fighting hard to get by and the richest segments have increased wealthier and richer. The report mentioned also state that wealth inequality that is prevailing in Australia is considered to be the worst in this entire developing world with Australia ranked on the number of 22 out of the total 35 OECD countries (Hutchens, 2018). Moreover, ACTU i.e. Australian Council of Trade Unions has stated that the uppermost 1% of the total people living in Australia have boosted their share of wealth directly from 22% to right 23%, however, the wealth share by the lowermost half has declined. The numbers has become an evidence to prove that the enterprise negotiating system is wholly broken into pieces. Later, ACTU secretary said that ‘Working people can’t get fair pay rises because workers’ rights no longer balance the power of employers, and as a result, we have rising and crippling inequality,” (Jiaxin, 2018).   Discussion It was further discussed that wealth inequality that has been found in Australia has been enlarged above the past couple of periods. The wealth share which has been detained by uppermost 1% of the Australia is increasing however, the wealth share held by the lowermost people i.e. poor people 50% of the total Australians has been declining on the continuous basis. Despite of fluctuation in the economy, the inequality rate is still hiking up as compared to any other time than before. Australia’s income inequality is compared below par with other many countries for the Economic Cooperation and Development in an Organization. The updated data according to OECD report state that Australia’s Gini coefficient was 0.33 in the year 2014 which has ranked it on the 22nd position among the mainstream of the 35 OECD countries over there (News.com.au, 2018). One of the commonly used index in order to measure the inequality is Gini Index. It aims at viewing at the distribution of the countries income where 0 symbolizes the entire inequality and 100 total number of inequality. The billionaire boom is not the symptom of a prosperous economy but a major sign of a worsening economic system was stated by the director of Oxfam. Later, Szoke stated that in order to neutralize the increasing inequality, the Australian government should do away with a proposed 5% cut to the rate of corporate taxes. She also said that the great companies of Australia must commit to ensure each workers in their supply chain was gaining at least an average living wages (Oxfam Australia, 2018). Conclusion Thus, from the above report, it can be concluded that prime annual increment in the number of Australian billionaires and billionaire’s wealth since the beginning of the period- with a proliferation in total number of billionaire wealth of unevenly $38bn. The increment in the wealth was fair enough to pay for more than half of the total Australia’s federal public health out going in the year 2016-2017 (Elliott & Pilkington, 2015). It was also stated by the chief executive of Oxfam report that Oxfam is highly committed to manage and handle poverty and problems related to inequality but an uneven economic system which is focusing more on wealth in the hands of the wealthiest and prevailing, however average people are still struggling to scrape by are facing a crisis related to inequality. Over the past decades, the global financial crisis, the wealth of Australian billionaires has grown nearly by 140% to the total of $115.4 billion last year. Thus far, over the similar time period, the normal wages of the average Australians have grown by 36% and the average household wealth increased by 12% (Oxfam, 2018). Recommendations One of the good news is that thrilling inequality is not unavoidable. The dangerous trend and era can easily be reversed. Government can play a major role and act individually to diminish such problems and make changes in the rules so that it would be beneficial for many but not for few people. There are many companies who can take the corrective steps to be more transparent and accurate in order to manage their profit segments. Some of the few recommendations are demanding big clothing brands that commit to pay a standard living wage, finding ways to know how one can help making tax fair and discovering the major factors that drive the inequality and get quick access to Oxfam’s inequality reports (Tsigas, 2018) References Elliott, L., & Pilkington, E. 2015. New Oxfam report says half of global wealth held by the 1%. The Guardian, 19.Green left. 2018. Oxfam report: Australia’s wealth gap widens [Online]. Retrieved 2nd May 2018 from https://www.greenleft.org.au/content/oxfam-report-australias-wealth-gap-widens Hutchens, G. 2018. Top 1% of Australians own more wealth than bottom 70% combined [Online]. Retrieved 2nd May 2018 from https://www.theguardian.com/australia-news/2018/jan/22/top-1-per-cent-of-australians-own-more-wealth-than-bottom-70-per-cent-combinedJiaxin. 2018. Australian inequality hits worst level in two decades: Oxfam [Online]. Retrieved 2nd May 2018 from http://www.xinhuanet.com/english/2018-01/22/c_136914715.htm News.com.au. 2018. Australia’s staggering wealth inequality laid bare in new report [Online]. Retrieved 2nd May 2018 from http://www.news.com.au/finance/money/wealth/australias-staggering-wealth-inequality-laid-bare-in-new-report/news-story/623f48efb6b68ab813d7a296ef62dc46Oxfam Australia. 2018. You and Oxfam, tackling poverty together [Online]. Retrieved 2nd May 2018 from https://www.oxfam.org.au/what-we-do/inequality/ Oxfam. 2018. Reward work, not wealth [Online]. Retrieved 2nd May 2018 from https://www.oxfam.org.au/wp-content/uploads/2018/01/bp-reward-work-not-wealth-220118-summ-en-EMBARGO.pdf Tsigas, M. 2018. Oxfam report says wealth inequality in Australia is among worst in developed world [Online]. Retrieved 2nd May 2018 from https://www.sbs.com.au/yourlanguage/hindi/en/audiotrack/oxfam-report-says-wealth-inequality-australia-among-worst-developed-world