Anti-poverty lobby group Oxfam Australia suggests Australian billionaires’ wealth grows by $50,000 per minute.<\/p>\n
It estimates the collective wealth of Australia’s billionaires increased by $25.67 billion over the past year, and that alone could lift nearly 1 million people out of poverty in Australia.<\/p>\n
The new analysis, based on data from the 2026 Australian Financial Review Rich List, suggests local billionaires (OzBillys?) saw their third consecutive year of wealth gains.<\/p>\n
Oxfam Australia has been calling for a tax on the super-rich and broader tax changes to tackle inequality.<\/p>\n
That’s that data.<\/p>\n
Here’s what they say the impact is, with the increase in billionaire wealth in the past year having the ability to:<\/p>\n
Oxfam Australia chief executive Jennifer Tierney said laudable tax changes announced in the federal budget fell short of addressing rapidly growing wealth inequality.<\/p>\n
“There is something fundamentally wrong with a system where extreme wealth keeps skyrocketing while so many people are struggling to afford the basics, and governments claim there is not enough money for housing, healthcare, climate action and essential services.<\/p>\n
“The Budget included some welcome measures to ease pressure on households and begin reforming unfair tax settings, but it did not go far enough to address the scale of wealth inequality growing in Australia.<\/p>\n
“While modest, reforms to Capital Gains Tax and negative gearing are important steps towards a fairer tax system. Australia should not continue rewarding wealth accumulation more generously than work, particularly at a time when so many households are under pressure.<\/p>\n
“While misinformation and misplaced fears about small business and aspiration continue to dominate debate around these reforms, the reality is that the wealth of the super-rich continues to grow while poverty persists. Without structural reform to the tax system, that divide will only deepen.<\/p>\n
“A fairer approach to taxing extreme wealth would help ensure governments can properly invest in affordable housing, healthcare, climate action and support for communities doing it tough here and abroad.”<\/p>\n","protected":false},"excerpt":{"rendered":"Anti-poverty lobby group Oxfam Australia suggests Australian billionaires’ wealth grows by $50,000 per minute. It estimates the collective…\n","protected":false},"author":2,"featured_media":22769,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[21541,22,2076,21,21545,21543,4292,21546,21544,15357,21542],"class_list":["post-22768","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australia","tag-asx","tag-au","tag-australian-dollar","tag-austrlia","tag-bitcoin","tag-dow-jones","tag-live-blog","tag-live-update","tag-nyse","tag-share-market","tag-wall-street"],"_links":{"self":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/22768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/comments?post=22768"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/posts\/22768\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media\/22769"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/media?parent=22768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/categories?post=22768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/australia\/wp-json\/wp\/v2\/tags?post=22768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}