Australia hits highest number of billionaires on record at 178 with 686 billion in wealth
ABC News Australia reports an Oxfam analysis showing Australia's billionaire count rose by 17 in one year to 178, with combined wealth exceeding 686 billion Australian dollars. The growth in ultra-wealth is reigniting tax and economic policy debates.
ABC News AustraliaABC News Australia reports that an Oxfam Australia analysis shows the 2025-26 fiscal year recorded 17 more billionaires than the previous period. Oxfam Australia chief executive Lyn Morgain said the analysis is 'a statistical confirmation of deepening polarisation in the national income distribution'.
Treasurer Jim Chalmers did not respond formally to the Oxfam analysis but reiterated the government's emphasis on 'job-backed growth policy'. Liberal Party finance spokesperson Ted O'Brien said the figures show 'the middle class, not billionaires, needs to be safeguarded'. Australia Economic Foundation Director Mark Cully reported that the top 1 percent's share of national income has risen from 14.2 to 16.8 percent over the past three years.
University of Melbourne tax-policy professor Miranda Stewart said the debate on capital-gains tax reform 'has entered a mature phase'. Greens Senator Larissa Waters announced the party will present its 'super wealth' tax proposal targeting 5 billion dollars in annual revenue at the September session. Reserve Bank of Australia economist John Simon said fiscal policy could affect the 2026 inflation outlook. Not investment advice.
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