Oxfam report reveals Australian billionaires earn A$67,000 an hour as wealth rises 8%

A new Oxfam report reveals that Australia's 47 billionaires earn an average of A$67,000 per hour, over 1,300 times more than the average worker. Their wealth increased by 8% in 2024, totaling A$28 billion. Oxfam calls for a wealth tax of 2-5% on billionaires to address inequality. The report highlights that 35% of billionaire wealth is inherited, linking it to colonialism and resource extraction from First Nations lands. Oxfam's chief executive emphasized the need for political leaders to ensure the ultra-wealthy contribute fairly to taxes. The report also notes a shift in projections, suggesting the emergence of at least five trillionaires within the next decade.