Share of wealth held by Australia’s poorest falls by almost 30% since 2004 – report

Study by Monash University recommends spending increase to fix inequalities in housing, health and education

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The wealth held by Australia's bottom 40% has declined by almost a third in two decades while 3.3m live below the poverty line, a damning report into Australia's track record on quality of life shows.

Monash University's third Transforming Australia report, released Thursday, shows progress on more than half of the 80 indicators has stalled or is in freefall, painting a deteriorating picture of the country's social, economic and environmental wellbeing.