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A new Oxfam report has revealed a staggering wealth disparity in Australia, with billionaires raking in a colossal AU$67,000 every hour, which was 1,300 times more than the average person’s hourly earnings.
Ten wealthiest people in the world amassed a remarkable AU$150 million a day, the report stated. Meanwhile, Australia’s 47 billionaires together boosted their wealth by an incredible AU$28 billion last year, which was an astounding AU$3.2 million every hour, Nine News reported.
The report also mentioned that Indigenous Australians earned only 72% of the average income of non-Indigenous Australians, according to the Australian Institute of Health and Welfare.
Oxfam has proposed a range of tax reports, as they believe it is the only way to redistribute income from Australia’s wealthiest citizens.
“Money desperately needed in Australia and abroad to tackle social issues such as access to housing and to respond to worsening humanitarian emergencies, is being siphoned off to the bank accounts of the super-rich,” Oxfam Australia chief executive Lyn Morgain said. “This is not just bad for the economy – it’s bad for humanity. As the federal election looms, it’s critical that our political leaders take bold steps to ensure the super-rich pay their fair share of taxes, so we can fund essential services like healthcare, education, and climate action – and build a fairer society for all.”
Oxfam specifically called for a “crisis profits tax” on large businesses to prevent profiteering during disasters, as billionaires’ wealth surged AU$3 trillion in 2024, amid rising global poverty.
In 2021, the fortune of billionaires increased to $8.9 trillion, with an additional $8 trillion anticipated to be inherited over the next 20 to 30 years.
