The country’s richest 48 people control more wealth than 11 million Australians combined, sparking calls for a five per cent wealth tax to help fund basic human needs. Source: News.com.au.
In its latest inequality report, anti-poverty organisation Oxfam revealed the growing divide in Australia as the bulk of the country’s wealth continues to be amassed by a few billionaires.
According to Oxfam, Australia has gained eight billionaires since the pandemic, taking the total number to 48.
Each of the 48 billionaires is making more than the annual income of more than 2000 Australian workers each, and earns more money than they could possibly spend in a lifetime.
Oxfam Australia chief executive Jennifer Tierney said the growing wealth of billionaires both at home and abroad is due to favourable tax settings.
“What we are seeing is a system that is allowing for the exponential growth of billionaire wealth,” she said.
“That means the tax system isn’t appropriately taxing them as there is no limit to the amount of wealth a person can amass.”
Ms Tierney points to Australia’s housing challenges, saying it is being exacerbated by negative gearing and capital gain tax discounts that favour those who already have wealth.
Collectively, Oxfam Australia, says these policies cost the tax system $20 billion.
To offset the rising inequality, Oxfam is calling for a global wealth tax for billionaires of 5 per cent to help pay for basic necessities.
If this was applied to Australian billionaires in 2025, it could have raised $17.4 billion, enough to deliver cheap childcare for all families, extend energy bill relief for another two years, or even increase the humanitarian budget almost seven times over.
Australia has more than 3.7 million people living in poverty, including 757,000 children under 15 years, while one in three have experienced some form of food insecurity over the last year.
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Australia’s richest gain $600,000 a day as inequality deepens, new report reveals (By Cameron Micallef, News.com.au)
