What is the Gini coefficient of Australia in 2020?
0.33
Australia’s Gini coefficient of 0.33 ranked 11th highest out of 33 OECD countries for which data were available. Chile had the least equal income distribution (Gini coefficient of 0.46) and Slovak Republic the most equal (Gini coefficient of 0.24) (OECD 2021h).
What is the OECD average Gini coefficient?
0.326
► The level of income inequality in Australia is similar to the OECD average, with a Gini coefficient of 0.326 in 2012. Inequality has increased since the 1990s, as in many other OECD countries (Figure 1).
What’s a good Gini coefficient?
A Gini coefficient of 0 expresses perfect equality, where all values are the same (i.e. where everyone has the same income).
Is a high Gini coefficient good?
The Gini index is a measure of the distribution of income across a population. A higher Gini index indicates greater inequality, with high-income individuals receiving much larger percentages of the total income of the population.
What does a Gini coefficient of 0.4 mean?
adequate equality
Relative to a Gini coefficient of 0, income or wealth is distributed quite equally. A coefficient between 0.3–0.4 indicates that there is adequate equality. This means that income or wealth is distributed in a suitable way, but can be distributed more equally.
What is the best Gini coefficient?
The Gini coefficient is a number between 0 and 1, where 0 corresponds with perfect equality (where everyone has the same income) and 1 corresponds with perfect inequality (where one person has all the income—and everyone else has no income).
What country has the lowest Gini coefficient?
South Africa
Countries with the highest and lowest Gini coefficients. South Africa ranks as the country with the lowest level of income equality in the world, thanks to a Gini coefficient of 63.0 when last measured in 2014.
Is a high Gini coefficient bad?
In addition, the Gini index can be compared to gross domestic product (GDP) figures. If GDP increases, some take this to mean that the people in a country are doing better. However, if the Gini index is rising as well, it suggest that the majority of the population may not be experiencing increased income.
What does a Gini coefficient of 0.3 mean?
As the figure above shows, a coefficient between 0–0.3 indicates relative equality. Relative to a Gini coefficient of 0, income or wealth is distributed quite equally. A coefficient between 0.3–0.4 indicates that there is adequate equality.