Majority of Australians Support Tax on Billionaires to Curb Rising Inequality, Survey Finds

The call for a tax on billionaires to address rising inequality has gained significant support in Australia, with around three-quarters of Australians backing the idea, according to a recent survey commissioned by Oxfam.

The survey revealed that 74 per cent of respondents supported a tax on fortunes exceeding $50 million, highlighting the growing concern about the wealth gap between ordinary Australians and the ultra-rich. Oxfam Australia chief executive Lyn Morgain emphasized the urgent need to address the “obscene” levels of inequality that have left the majority struggling while the wealthiest continue to amass wealth.

The survey results coincided with a meeting of G20 finance ministers and central bank governors in Rio de Janeiro, where discussions centered around a coordinated approach to combat tax avoidance and implement a global tax to address the growing economic disparities. Brazil proposed a 2 per cent wealth tax on individuals with assets over US$1 billion, aiming to raise revenue from the ultra-rich.

Globally, billionaires have seen their wealth increase significantly over the last four decades, while the average wealth of the top 1 per cent has risen by nearly $400,000 in real terms. In contrast, individuals in the bottom half of earners have seen minimal growth in their wealth, highlighting the stark inequality that exists.

Oxfam has called for an annual net wealth tax of at least 8 per cent to ensure that billionaires pay their fair share, as they currently only have an average tax rate between 0 and 0.5 per cent. The G20 tax declaration emphasized the need for cooperation to effectively tax ultra-high-net-worth individuals and address harmful tax practices.

The outcome of the G20 meeting will be a crucial test for governments to demonstrate their commitment to addressing inequality and prioritizing the needs of the majority over the interests of a wealthy elite. The push for a tax on billionaires has gained momentum, raising the question of whether governments have the political will to implement measures that promote a more equitable society.