>> Support material: Chapter 11


Chapter 11 Class and Inequality in Australia

 

Case studies Video clips Weblinks Further reading Podcasts
Case studies Video clips Weblinks Further reading Podcasts

 

Case study

The super-rich: Are they a ruling class?

The Business Review Weekly’s (BRW 2010) annual list of the richest 200 individuals and families in Australia shows that:

  1. The combined wealth of the top 200 was $135.8 billion in 2010 (up from $83.37 billion in 2005);
  2. The total represents an increase of 19 per cent from the previous year despite the turmoil in world economies and financial markets;
  3. Only 16 of the top 200 are women.


Table 1: The Australian super-rich top 5, 2010—estimated wealth (AUD$ billion)

Frank Lowy 5.0
Gina Rinehart 4.7
Anthony Pratt 4.6
Andrew Forrest 4.2
Harry Triguboff 4.2

Source: Adapted from BRW (2010)


There has been ongoing debate over whether wealthy upper-class individuals and families actually wield political power; in other words, do they constitute a ruling class that influences public policy and social life to their benefit and the possible disadvantage of others? Many Marxist theorists today maintain that the upper class can and do act as a ruling class. While few commentators would suggest that they rule in a direct way or that they ‘speak with one voice’ on all social, political, and economic issues, there is little doubt that their economic power provides them with political influence over issues such as taxation rates, tariff policy, government business subsidies, and labour market regulation.

Reference

‘Rich 200’ 2010, Business Review Weekly, 19 May

Discussion questions

  1. Do you think the wealthy, such as those listed above, represent a ruling class in Australia?
  2. In what ways may wealth convey power and influence?
  3. Should there be a limit to the wealth or profit individuals and companies make? In what ways could this be done?
  4. Why is there regular public debate over government welfare spending and relative silence on corporate profit levels or executive salaries?