Australian billionaires collectively lifted their wealth by $28 billion in 2024, according to research released today by Oxfam.
The report said Australia’s 47 billionaires, on average, made $67,000 per hour over the 12 months.
Oxfam Australia Chief Executive Jennifer Tierney said the surge in billionaire wealth exposed a system “that is failing people at home and abroad”.
“Millions of Australians are cutting back on essentials, struggling with soaring rents and mortgages, and watching global crises like conflict in Yemen, Sudan and Syria receive dwindling humanitarian support,” she said.
“(While this is happening) Australia’s billionaires are accumulating extraordinary wealth at extraordinary speed. The gap between those doing it toughest and those benefiting most is stark, and well evidenced.”
The report Resisting the rule of the rich says billionaires are using their wealth to secure political power to shape the rules of economies and societies.
“Oxfam estimates that billionaires are 4000 times more likely to hold political office than ordinary citizens,” Ms Tierney said.
“When one billionaire (in Australia) can spend hundreds of millions of dollars to shape political conversations, it shows how extreme wealth can translate directly into political power – undermining a fair and healthy democracy.”
Oxfam is calling for taxation reform to ensure the richest Australians pay their fair share of tax and generate revenue for essential services.
The report says more than 3.7 million Australians live in poverty, including 757,000 children under 15 years. One in three households experienced food insecurity last year.
The full report is on the Oxfam website.
