Inequality drives a wedge between those seen to be benefitting from economic growth and those who are not, undermining social cohesion.

Conversely, improvements in income, wealth and the opportunities that underpin them, when shared broadly through society, support economic development and proactive economic reform agendas.

We should seek to ensure that each person is offered as equal a starting point as any other.

Has Australia done enough to ensure equality of opportunity? Have we done enough to deliver the "ladders of opportunity"?

The answer to that is in some areas, no.

Number of lower-income households dropped

Since the global financial crisis, concerns around inequality may have grown — yet measures of income inequality in Australia have not risen.

By international standards we are doing OK. To give some international context, we rank better than 13 other OECD economies but worse than 21 others.

From the mid-1990s to mid-2000s, while the proportion of households on lower incomes decreased the proportion on much higher incomes increased.

Since the global financial crisis, the distribution of household income has been stable. Income inequality, according to the HILDA survey, has remained largely the same since 2001.

Those concerned that Australia is becoming a less egalitarian society may be surprised by these results. But there are some other important issues to consider.

Where you live, work, study matters

The first is weak wages growth. Since 2007-08, income growth has stalled — average weekly household incomes grew by just $27 to $1,009 per week over this period.

Stagnant wages growth is a significant factor in people feeling as if inequality is on the rise.

Another is the increasing income of the top 1 per cent of income earners.

Concern about the impact of technology on the structure of our workforce is another.

Finally, despite our strong egalitarian "fair go" culture, where you live, go to school and work and the education levels of your parents still has a significant impact on your future prospects.

Disadvantage is geographically concentrated and often entrenched. ( ABC News: Clarissa Thorpe )

Technological inequality a thing

While overall Australia is doing well, there are four areas where we need to do better: educational inequality, postcode inequality, intergenerational inequality and emerging technological inequality.

These issues go to the heart of inequality of opportunity.

We know there are significant gaps in education achievement between students with lower- or higher-educated parents. This gap can be up to 4.5 years of schooling. Rural schools face a significant shortage of teachers while disadvantaged schools can suffer from a more limited curriculum.

Location also plays a big role in equality.

Disadvantage is geographically concentrated. For example, in New South Wales, just 37 or just 6 per cent of postcodes account for almost 50 per cent of the greatest disadvantage in that state for indicators such as unemployment, domestic violence, criminal convictions and disengaged young adults. That disadvantage is often entrenched.

After 26 years of uninterrupted economic growth, the persistence of this kind of concentrated geographical disadvantage, and lack of progress in reducing it, is deeply concerning.

There is little doubt that technology is reshaping our world with dramatic implications including less certainty about future careers and occupations.

The exponential growth of the gig economy raises concerns about workers falling outside common employment arrangements like superannuation and the potential for future economic insecurity.

These issues are central to Australia's future economic development and prosperity. They go to the heart of how we choose as a society to translate continuing economic growth into increased living standards across a range of dimensions.

All Australians should have the opportunity to reach their intellectual and economic potential. ( Pixabay: bridgesward )

Lift Newstart payments, for starters

The Committee for Economic Development of Australia (CEDA) has spent over a year examining the benefits and cost of economic growth.

In its new report How unequal? Insights on inequality, CEDA analysed Australia's position on inequality, considering whether Australians enjoy equality of opportunity and how inequality might change in the future.

In light of its findings, CEDA is calling for a regular independent and comprehensive assessment of inequality in Australia with Productivity Commission five-yearly reviews.

The government should explore the adequacy of superannuation, pension and savings products for contingent workers.

CEDA also adds its voice to those calling for Newstart payments to be lifted to a more adequate level and for measures to be implemented to increase housing affordability for younger Australians.

All Australians should have the opportunity to reach their intellectual and economic potential, that's good for our economy and our society.

Melinda Cilento is chief executive of CEDA, an economist and company director.

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