Three-quarters of the people who took part in the study felt the gap between rich and poor was widening and almost 60 per cent felt income and wealthy inequality was bad for society.

The report follows ACOSS research that found that someone in the highest 20 per cent of income earners in Australia has about 70 times more wealth than a person in the lowest 20 per cent.

The council will release the new findings compiled by Ipsos at its national conference, which begins in Sydney on Thursday.

The survey of the perceptions of more than 1000 Australians revealed growing pessimism about the economy and concern that Australia was no longer the lucky country or land of the fair go.

Respondents complained that the wealthy were not paying their fair share but expressed concern for those in need, including homeless people and young job seekers.

ACOSS chief executive Cassandra Goldie said the findings showed rising levels of anxiety about social inequality.

"It shows that people care strongly whether Australian society is fair and that there is a growing perception that our fairness is in decline," she said.

"We see some very raw views, as people express concern about the competition for jobs in a tough labour market. But for the most part, the report reflects a genuine concern from people about how others are faring: older people worrying about the ability of young people to get decent paid work; widespread recognition that first-time home buyers are struggling to secure their housing needs; shared concern across generations about how each of us will fare and who will look after us in our old age."

The survey found job security was keeping many Australians up at night, with 44 per cent of those employed worried about losing their role because of economic conditions.

Almost 70 per cent reported that government benefits would not be enough to support them if they lost their job. The report reflected a widespread view that Australia had become a "rougher, tougher, less caring place to live".

Two out of three respondents agreed that rich people didn't pay their fair share of tax in Australia, and only 22 per cent felt that the tax system was equitable.

Wealthy property investors were criticised, with 68 per cent of people saying they were pushing first-home buyers out of the housing market.

There was widespread concern about ageing, with respondents feeling anxious about whether the age pension would exist in the future and questioning whether their superannuation would be enough to support them in old age.

Dr Goldie said the report should act as a wake-up call to Australian political leaders.

"It should galvanise our leaders to take action: to make the right decisions that ensure Australia's economic growth supports our health and wellbeing individually and collectively, now and into the future," she said.