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With a backdrop of rising inflation and falling wages, the government is facing renewed pressure to rethink its support for Morrison-era tax cuts.
Australia’s billionaire wealth swelled 61% over the course of the pandemic according to a new report, prompting renewed calls for a rethink on the government’s stage three tax cuts ahead of the May federal budget.
The analysis was published on Monday as part of Oxfam’s annual inequality report, which found there are 11 more billionaires in Australia today than there were in 2020, while Australia’s richest 1% in total pocketed more than $2500 per second, or $150,000 per minute, over the past decade.
Oxfam Australia program director Anthea Spinks told Crikey the findings should open the door to renewed debate over the introduction of the stage three tax cuts, set to take effect from July 2024, along with broader tax reform targeted at cauterising income inequality in Australia.
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