“For most Australians, income is the most important resource they have to meet their living costs. However, reserves of wealth can be drawn upon to maintain living standards in periods of reduced income or substantial unexpected expenses. Considering income and wealth together helps to better understand the economic wellbeing or vulnerability of households.”
[Australian Bureau Of Statistics, Household Income and Wealth, Australia, Reference period: 2019-20]
Given the grumbling coming from the opera boxes and dress circle seats in the Australian economy if it is suggested that those on low to middle incomes shouldn’t be solely responsible for fighting inflation by way of wage suppression, ever rising cost of living & below poverty line unemployment benefits, perhaps it’s time to remember some of the cream within the Top 1% and how richly they live in an Australian population of est. 26,510,186 men, women and children spread out across this country. [ABS, Population Clock, 4 June 2023 at 8:15am]
Forbes, Australia’s 50 Richest 2023, 15 February 2023:
NAME NET WORTH INDUSTRY
1. Gina Rinehart $30.6 B Metals & Mining
2. Andrew Forrest $21.7 B Metals & Mining
3. Harry Triguboff $15.5 B Real Estate
4. Bianca Rinehart & siblings $12.5 B Metals & Mining
5. Anthony Pratt $11.6 B Manufacturing
6. Mike Cannon-Brookes $10.8 B Technology
7. Scott Farquhar $10.6 B Technology
8. Cliff Obrecht & Melanie Perkins $7.2 B Technology
9. Frank Lowy $6 B Finance & Investments
10. Richard White $5.4 B Technology
11. John, Alan & Bruce Wilson $5.1 B Fashion & Retail
12. Kerry Stokes $4.2 B Diversified
13. John Gandel $3.5 B Real Estate
14. Lindsay Fox $3.4 B Logistics
15. Jack Cowin $3.35 B Food & Beverage
16. Michael Hintze $3.2 B Finance & Investments
17. James Packer $2.8 B Finance & Investments
18. Lang Walker $2.7 B Real Estate
19. Fiona Geminder $2.6 B Manufacturing
20. Brett Blundy $2.45 B Fashion & Retail
21. Solomon Lew $2.3 B Fashion & Retail
22. Bob Ell $2.25 B Real Estate
23. Len Ainsworth & family $2.2 B Gambling & Casinos
24. Heloise Pratt $2.15 B Manufacturing
25. Clive Palmer $2.1 B Metals & Mining
26. Gerry Harvey $2.05 B Fashion & Retail
27. Kie Chie Wong $2 B Metals & Mining
28. Hains family $1.95 B Finance & Investments
29. Cameron Adams $1.8 B Technology
30. Chris Wallin $1.75 B Energy
31. Terry Snow $1.61 B Real Estate
32. Bruce Mathieson $1.6 B Real Estate
33. Chris Ellison $1.59 B Metals & Mining
34. Angela Bennett $1.55 B Metals & Mining
35. Gretel Packer $1.54 B Finance & Investments
36. David Teoh $1.53 B Telecom
37. Nigel Austin $1.5 B Fashion & Retail
38. Tony & Ron Perich $1.42 B Real Estate
39. John Van Lieshout $1.41 B Real Estate
40. Anthony Hall $1.4 B Technology
41. Jack Gance & family $1.35 B Fashion & Retail
42. Mario Verrocchi & family $1.34 B Fashion & Retail
43. Sam Hupert $ 1.3 B Technology
44. Sam Tarascio $1.25 B Real Estate
45. Sam Kennard & siblings $1.2 B Real Estate
46. Michael Heine $1.19 B Finance & Investments
47. Manny Stul $1.18 B Manufacturing
48. Mark Creasy $1.02 B Metals & Mining
49. Alan Rydge $1 B Media & Entertainment
50. Kerr Neilson $960 M Finance & Investments
Globally only Monaco and Switzerland have higher individual net wealth than Australia. In this country in 2022 the Top 1% had individual wealth beginning at $5.5 million to >$30 billion, yet before it was driven from office the Morrison Coalition Government locked in an overly generous permanent tax cut for the wealthy in our society. Along with a negative gearing regime for property investment which is concentrating residential property ownership in the hands of richer individuals and families.
While the bottom wealth percentiles - including the homeless, unemployed, working age poor & elderly without assets or savings - recognising the taxation rate/negative gearing sleight-of-hand involved are left wondering how long they can manage to put a roof over their heads and food on the table now and into the foreseeable future.
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| IMAGE: Twitter via @MaggieDaWitch 4 June 2023 |
