Australia’s wealthiest 1% are 61% richer than they were before the pandemic and have pocketed $150,000 a minute over the past decade, according to Oxfam Australia.
Australian data showed that a wealth tax of just 2% on the country’s millionaires with wealth over $7m, 3% on those with wealth over $67m, and 5% on billionaires would raise $29.1bn annually, enough to increase income support payments to the Henderson poverty line of $88 a day for 1.44 million people.
As of March 2021, 1.3 million Australians were receiving a jobseeker or youth allowance payment, worth $47.74 and $37.89 a day respectively. Yet just 42 individual Australians had a combined wealth of nearly $236bn.
Australia Institute analysis released in July, argued that corporate profiteering was driving at least 50% of inflation in Australia, as well as in the US and Europe.
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