Inequality and extreme wealth continue to skyrocket.
In 2024, Australia’s 47 billionaires each grew their wealth by $67,000 per hour— while 3.5 million households struggled to put food on the table, housing is unaffordable and essential public services such as healthcare, education, and income support remain underfunded.
Over the last decade, the number of Australian billionaires has more than doubled, reaching 161 in 2025. The total wealth of Australia’s richest 200 reached an eye-watering $668 billion.
Most of this wealth isn’t even earned, flowing to wealthy elites through inheritance, corporate profits from monopoly industries and tax loopholes that allow them to dodge paying their fair share.
Research shows billionaires globally have an effective tax rate of 0.3% of their wealth.
Here in Australia, the government gives away tens in billions in tax discounts claimed mostly by Australia’s wealthiest. 85.6% of the 50% capital gains tax discount on profits from sales of investments went to the top 10% of income earners, and those making over $1 million got $271,000 in tax discounts on average.
Our progressive tax system is failing us where it’s most needed to keep inequality in check and ensure those with the most pay their fair share to community services and poverty eradication. By scrapping the capital gains discount alone, the government could have restored around $22.7 billion to the budget. By introducing a wealth tax on the richest 0.5% of households, they could raise tens of billions more.
Billionaire and corporate greed have gone unchecked for too long. It’s time to act.
Join us in calling on the Treasurer to introduce a wealth tax on the richest 0.5% and to tax income from wealth like wages to ensure the super rich pay their fair share. It’s time to build a fairer Australia where wealth works for everyone—not just the richest few.
Send your email today and demand the Australian government Make Tax Fair.
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