Is Australia a classless society?

During much of the 20th Century, many Australians considered Australia to be a classless society because there was no entrenched upper class as in Britain. Australians had a habit of addressing anyone by their first name, regardless of their economic or political status, and pretending to be on the same socioeconomic level. The belief in a classless society was gradually eroded by two things: increasing awareness of the racist relationship between white Australians and the country's original inhabitants, and the emergence of new-rich entrepreneurs in the 1980s.