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Australia's Richest 48 Own More Than 11 Million People
19 Jan
Summary
- Australian billionaires' wealth grew by nearly $600,000 daily.
- Eight new Australian billionaires emerged since 2020.
- Poverty affects over 3.7 million Australians, including 757,000 children.
New analysis by Oxfam reveals that Australian billionaires collectively saw their wealth increase by approximately $10.5 billion over the past year. This translates to an average daily wealth gain of nearly $600,000 per billionaire. Since 2020, eight new billionaires have been added to the ranks, bringing the total to 48 individuals whose combined wealth now surpasses that of the bottom 40% of the Australian population, estimated at 11 million people.
Oxfam Australia's Chief Executive, Jennifer Tierney, highlighted that the wealth of billionaires globally is escalating at an unprecedented rate. She criticized tax systems that favor the wealthy, suggesting that reforms like ending negative gearing and capital gains discounts could generate substantial revenue. This revenue, she argued, could fund essential services such as housing and childcare support. The report noted that over 3.7 million people, including 757,000 children, currently live in poverty in Australia.
The anti-poverty organization is advocating for more equitable tax laws, proposing the elimination of the capital gains tax discount for individuals and trusts, phasing out negative gearing, and introducing a net wealth tax on the wealthiest 0.5% of households. Oxfam calculated that a 5% wealth tax on Australia's billionaires last year could have generated $17.4 billion, sufficient for universal affordable childcare and extended energy bill relief.
