Australian billionaires have increased their wealth by nearly $600,000 a day on average over the past year, according to a new report from Oxfam. The anti-poverty organisation's analysis, released on Monday, reveals that the collective wealth of the country's 48 billionaires rose by more than $10.5 billion in the last year.
The report highlights that these 48 individuals now hold more wealth than the bottom 40% of the population, approximately 11 million people, combined. Since 2020, eight new billionaires have been created, including the co-founders of Canva, the owners of the Reece plumbing chain, and the founders of Chemist Warehouse.
Oxfam Australia's chief executive, Jennifer Tierney, said the wealth of billionaires globally is growing at an unprecedented rate, three times faster than in the past. She called for tax reforms, including axing the capital gains tax discount, phasing out negative gearing, and introducing a net wealth tax on the richest households. A 5% wealth tax on Australia's billionaires last year could have raised $17.4 billion, enough to fund cheap childcare, energy bill relief, and increased humanitarian aid.
The report also notes that while billionaire wealth soars, more than 3.7 million Australians live in poverty, including 757,000 children under 15. One in three households experienced food insecurity last year. A federal inquiry is currently examining tax concessions such as negative gearing and the capital gains tax discount, which critics say skew incentives towards property investment and exacerbate inequality.
