Earn
Fewer billionaires gain larger share of the pie
Australia’s rich keep getting richer, with the top 1 per cent having more than double the wealth of the bottom 50 per cent, according to Oxfam Australia.
Fewer billionaires gain larger share of the pie
Australia’s rich keep getting richer, with the top 1 per cent having more than double the wealth of the bottom 50 per cent, according to Oxfam Australia.
In a statement to the 2020 World Economic Forum, Oxfam said Australia has a broken economic system that is concentrating more of the wealth in the hands of the rich and powerful.
Oxfam Australia chief executive Lyn Morgain said the top 1 per cent of Australians, just 250,000 people, owned a staggering nearly US$1.6 trillion – equating to 22.2 per cent of the nation’s wealth.
While acknowledging the number of billionaires has fallen to 36 in 2019, Ms Morgain said, “The number has more than tripled over the past 10 years, and their wealth is still increasing. The wealth of Australian billionaires, who are mostly men, grew by an average of US$460 million from 2018 to 2019.”
Global inaction
According to Oxfam Australia, the wealthiest 1 per cent of people in the world have more than double the wealth of 6.9 billion people, while the bottom half have suffered from a decade of stagnant wage growth.
“This is not fair or sustainable. The vast gap between the few rich and many poor in the world can’t be resolved without deliberate policies aimed at tackling inequality, and too few governments are committed to implementing these – ours included,” said Ms Morgain.
The charity believes a crackdown globally on tax evasion could redress the balance, and highlighted what the Australian government could do.
“Australia needs to introduce public country-by-country reporting of tax affairs for large multinationals as well as a public register of beneficial ownership of companies and trusts. Without this transparency, the government is potentially losing out on billions of dollars of revenue every year,” Ms Morgain explained.
The Tax Office estimated that in 2016-17, large corporations avoided paying $2 billion in taxes – the same amount as the entire National Bushfire Recovery Fund.
“It’s time to tackle inequality and climate change together. The only people who benefit from the status quo of economic inequality and weak action to cut fossil fuel emissions are a select group of companies and the super rich who run them, many of whom made their fortunes in the fossil fuel industry. These are the vested interests preventing meaningful action to tackle inequality, cut emissions and avert the worst of the climate crisis,” Ms Morgain concluded.
About the author
About the author
Tax refund
Treasurer unveils tax cuts for millions of Aussies
Ten million Aussies are hundreds of dollars richer following the now announced extension of the low and middle income tax offset. ...Read more
Tax refund
Tax cuts or hikes: Which way will Frydo swing
The government is said to be “committed to lowering taxes”, but the Treasurer has not yet made his intentions clear heading into tonight’s big budget reveal. ...Read more
Tax refund
Dodgy links and spelling errors, ATO confirms latest phishing scam
The ATO has alerted taxpayers to a new phishing scam, which cons victims into updating their myGov information. ...Read more
Tax refund
Top 4 no-go expenses if making WFH claims this year
The ATO has issued another tax-related reminder for those working from the kitchen bench, outlining scenarios that do not qualify for the temporary shortcut method. ...Read more
Tax refund
Taxpayers told to keep on top of their WFH costs ahead of tax time
Taxpayers are being reminded to stay on top of their work-from-home logbook ahead of tax time 2021. ...Read more
Tax refund
Scrap tax returns and give everyone $3,000: think tank
Australia should move on from the hassle of a tax return and instead adopt an opt-in standardised $3,000 deduction covering all work-related and personal deductions, a think tank has said. ...Read more
Tax refund
Calls for government to end fossil fuel subsidies
Subsidies to the fossil fuel industry cost the federal, state and territory budgets over $10 billion a year despite calls for Australia to do more on climate change, a new report has revealed. ...Read more
Tax refund
Is it time for a super profits tax?
With the surging price of iron ore and the sizeable profits miners are now pocketing, former prime minister Kevin Rudd has renewed calls for a super profits tax that would see mining companies invest ...Read more
Has the property market reached its peak; Biden’s climate summit and our sharemarket, and the upcoming budget
Listen now
Is the market overheating; should ETFs take your fancy, and what’s happening to the low and middle income tax offset?
Listen now
Home values up 30% (or are they); NFTs taking the world by storm, and why Keating thinks Aussies will be ‘poor’ in retirement
Listen now
Raging floods, the tech stock bubble and the ongoing SG debate
Listen now
Tax refund
Treasurer unveils tax cuts for millions of Aussies
Ten million Aussies are hundreds of dollars richer following the now announced extension of the low and middle income tax offset. ...Read more
Tax refund
Tax cuts or hikes: Which way will Frydo swing
The government is said to be “committed to lowering taxes”, but the Treasurer has not yet made his intentions clear heading into tonight’s big budget reveal. ...Read more
Tax refund
Dodgy links and spelling errors, ATO confirms latest phishing scam
The ATO has alerted taxpayers to a new phishing scam, which cons victims into updating their myGov information. ...Read more
Tax refund
Top 4 no-go expenses if making WFH claims this year
The ATO has issued another tax-related reminder for those working from the kitchen bench, outlining scenarios that do not qualify for the temporary shortcut method. ...Read more
Tax refund
Taxpayers told to keep on top of their WFH costs ahead of tax time
Taxpayers are being reminded to stay on top of their work-from-home logbook ahead of tax time 2021. ...Read more
Tax refund
Scrap tax returns and give everyone $3,000: think tank
Australia should move on from the hassle of a tax return and instead adopt an opt-in standardised $3,000 deduction covering all work-related and personal deductions, a think tank has said. ...Read more
Tax refund
Calls for government to end fossil fuel subsidies
Subsidies to the fossil fuel industry cost the federal, state and territory budgets over $10 billion a year despite calls for Australia to do more on climate change, a new report has revealed. ...Read more
Tax refund
Is it time for a super profits tax?
With the surging price of iron ore and the sizeable profits miners are now pocketing, former prime minister Kevin Rudd has renewed calls for a super profits tax that would see mining companies invest ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
