While ordinary households struggle with cost of living pressures, 42 Australians now have a combined wealth of close to $236 billion – and that included 11 newly minted billionaires.
Australia’s rich are getting richer, while ordinary households continue to struggle with ongoing cost of living pressures that will worsen this year before they improve.
“Decades of tax cuts for the richest people and corporations have fuelled inequality at home and across the globe, with the poorest people paying higher tax rates than many high-flying CEOs and millionaires,” she said.Around the world, the report showed the wealthiest 1 per cent made nearly twice as much money as the remaining 99 per cent over the last two years, and the worsening economic conditions means there is worse news ahead for those less well off.
Treasurer Jim Chalmers said the most recent figures from the Australian Bureau of Statistics, which found wages grew 3.1 per cent through the year to September, showed the government’s moves to lift wages was already working. “We understand that Australians are doing it tough and that our economy has an inflation problem,” he told reporters on Monday.The treasurer said the government is focused on providing sustainable cost of living relief in the May budget, including energy bill support for lower income earners and pay rises for aged care workers.
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