Oxfam is calling on the Australian Government to rapidly and radically reduce the gap between the super-rich and the rest of society by fixing the broken tax system. This should include:

• Immediately scrapping the stage-three tax cuts, which will deepen inequality, increase inflation and fail to respond to the current challenges of the cost-of-living crisis for low and middle-income households.
• Better taxing wealth, including implementing a progressive wealth tax of 2-5% on Australian multi-millionaires and billionaires, which could generate $32.36 billion dollars each year. With this tax revenue, Australia could simultaneously increase the aid budget to meet the rate development experts believe is fair for a country of our size and build over 75,000 houses annually to address the housing crisis in Australia.
• Implementing a permanent windfall profits tax on big corporations, so that when crises hit, corporations can’t profiteer as they did during the pandemic. Oxfam research in July 2023 revealed 722 mega-corporations raked in $1.5 trillion a year in windfall profits in 2021 and 2022 globally. Here in Australia, many corporations landed superprofits, including Woolworths, Santos and Woodside.
• Ending fossil fuel subsidies, which mostly benefit big corporations making super profits. In 2022-23, the government provided $11.1 billion in fossil fuel subsidies – money far better spent on tackling the climate crisis.

Source: Wealth of three richest Australians has doubled since 2020 as cost-of-living pressures for many continue to bite – » The Australian Independent Media Network