Only one-fifth of Australian households – the top fifth – earn an average of $232,000.

On average, they earn five times as much as the bottom fifth. And though that seems uneven, it's nothing compared with other disparities in wealth.

"Tax cuts that have largely benefited people on higher incomes, have reduced the progressivity of the tax system and its effectiveness in reducing inequality": ACOSS CEO, Cassandra Goldie. Credit:Jessica Hromas

A new report to be released on Monday by the Australian Council of Social Service, Anglicare, the Salvation Army and St Vincent de Paul finds that the wealthiest fifth of Australian households own an astonishing 70 times as much as the poorest.

The top fifth of households own an average of $2 million each, the bottom fifth less than $44,250 each.