Analysis by charity Oxfam warns that the surging growth in billionaire wealth is unsustainable.
Oxfam Australia director of programs Anthea Spinks said there were several factors driving the growth in billionaire wealth.
Globally, the richest 1 per cent made nearly twice as much money as the rest of the world combined over the past two years, Oxfam found.“In terms of the individual wealth, some of that is being driven from the super profits that the companies and shareholders get,” Ms Spinks said. The charity claims implementing the stage three income tax cuts will worsen inequality, and the Australian government should instead implement a wealth tax.abolish the 37 per cent tax bracket that applies to income between $120,000 and $180,000Those earning above $200,000 would still be taxed at 45 per cent. Currently, that tax rate applies to people earning more than $180,000.
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