Australia's Billionaires Earn $67,000 Hourly, Oxfam Reports

A recent Oxfam report reveals that Australia's 47 billionaires collectively increased their wealth by AUD$28 billion in 2024, earning an astonishing AUD$67,000 per hour, which is 1,300 times more than the average Australian worker. The report highlights that global billionaire wealth surged by AUD$3 trillion last year, with billionaires adding an average of AUD$3 million to their fortunes daily. Oxfam Australia chief executive Lyn Morgain emphasizes that much of this wealth is tied to unearned privilege from inheritance and the impacts of colonialism, with 35% of billionaire wealth in Australia stemming from generational wealth. The organization calls for a wealth tax on the super-rich to address rising inequality and the social issues it exacerbates, particularly for Indigenous Australians who earn significantly less than their non-Indigenous counterparts. The report serves as a wake-up call regarding the dangerous concentration of wealth and power among a small elite, raising concerns about the erosion of democracy and fairness. Oxfam's findings reflect a broader global trend of increasing wealth disparity, underscoring the urgent need for systemic change to address these disparities.