<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A new report has found the average </span><a href="https://www.9news.com.au/national" rel="" target="_blank" title="Australian "><span>Australian</span></a><span> billionaire saw their wealth rise by almost $600,000 per day in 2025, while one in three households faced food insecurity.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Oxfam Australia, a branch of the global charity organisation, found that 48 billionaires held more wealth than the bottom 40 per cent - almost 11 million people of Australia's population of 27 million.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>And their wealth only increased last year, growing a collective $10.5 billion.</span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/federal-politics-condolence-motion-parliament-bondi-beach-shooting-anthony-albanese-sussan-ley/54b5de12-4727-40a2-94c6-829d005eca5e" rel="" target="_blank" title=""><strong><span>Emotional scenes as parliament honours Bondi terror victims</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Mining magnate Gina Rinehart was the richest person in Australia last year with $38.1 billion, followed by property developer Harry Triguboff with $29.6 billion, recycling businessman Anthony Pratt with $25.8 billion, co-founder of software company Atlassian and investor Scott Farquhar with $21.4 billion and mining tycoon and former politician Clive Palmer with $20.1 billion, according to the </span><a href="http://google.com/search?q=9news+rich+lsit&amp;rlz=1C1GCEA_enAU1136AU1136&amp;oq=9news+rich+lsit&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIGCAEQRRhA0gEIMTY0MmowajmoAgawAgHxBXfJg8uGEIAA&amp;sourceid=chrome&amp;ie=UTF-8" rel="" target="_blank" title="Australian Financial Review's 2025 Rich List"><em><span>Australian Financial Review</span></em><span>'s 2025 Rich List</span></a><span>.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Triguboff, for example, had a wealth increase equivalent to the amount needed to build 10,600 new homes.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The latest analysis is in line with a global trend that saw the world's 3000 billionaires' wealth rise 16 per cent to $27.7 trillion last year - the highest level in history.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/oxfam-report-australian-billionaires-wealth-rose-by-600000-per-day-in-2025/a0d67be7-ac0b-482f-a89a-c00feda2e12c" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Tech billionaire </span><a href="https://www.9news.com.au/elon-musk" rel="" target="_blank" title="Elon Musk"><span>Elon Musk</span></a><span>, the richest person in the world, became the first to briefly surpass half a trillion dollars and is on track to be the first trillionaire.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Meanwhile, more than 3.7 million people live in poverty in Australia, according to Oxfam.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>One in three households was found to have faced food insecurity last year, which meant they either stressed about or struggled to put food on the table.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/jarren-shares-wildlife-content-online-hes-been-called-out-for-ai-blackface/e0cb8411-bc9a-4ab5-870d-431aaacf3e3d" rel="" target="_blank" title=""><strong><span>Jarren is hailed the 'Indigenous Steve Irwin', but the issue is he is not real</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Oxfam Australia chief executive Jennifer Tierney said rising billionaire wealth exposed a failing system.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"While millions of </span><a href="https://www.9news.com.au/cost-of-living" rel="" target="_blank" title="Australians are cutting back on essentials"><span>Australians are cutting back on essentials</span></a><span>, struggling with soaring rents and mortgages, and watching global crises like conflict in Yemen, Sudan and Syria receive dwindling humanitarian support, Australia's billionaires are accumulating extraordinary wealth at extraordinary speed," she said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The gap between those doing it toughest and those benefiting most is stark, and well evidenced."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Oxfam called on the Australian government to reduce the gap by reforming the tax system to effectively tax billionaires, including ending the capital gains tax discount and phasing out negative gearing.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Greens treasury spokesperson, Nick McKim, who is chairing a Senate inquiry into the capital gains tax discount, agreed that Labor needed to make billionaires pay their fair share.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"The Oxfam report shows exactly what's broken in our economy," he said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"While renters and working people are doing it tough, billionaires are pocketing more than half a million dollars a day, turbo-charged by tax breaks like the capital gains tax discount.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE: </span></strong><a href="https://www.9news.com.au/national/anthony-albanese-new-poll-shows-plummeting-support/c27d01a5-58ac-46f9-9baa-a74e1454527f" rel="" target="_blank" title=""><strong><span>Poll delivers fresh blow to embattled Albanese</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Ending handouts to the extreme wealthy would free up billions for housing, cost-of-living relief and the services Australians rely on."</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Research by national housing campaign Everybody's Home in September found that the federal government was losing between $111 million and and $556 million in forgone revenue through negative gearing deductions - a concession that applies when the cost of owning an investment outweighs the income it generates.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>NSW Treasury, in a submission to the inquiry, </span><a href="https://www.9news.com.au/national/nsw-tells-federal-government-to-remove-capital-gains-tax/786d08ca-d34e-4178-a9e9-ee9e392a7000" rel="" target="_blank" title="called for the federal government to review the discount"><span>called for the federal government to review the discount</span></a><span> as it was found to have a damaging effect on housing affordability and home ownership and was disproportionately skewed to benefit the rich.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>But federal Treasurer Jim Chalmers has ruled out any changes to negative gearing or the capital gains tax discount after Labor's promises of tax reform cost the party at the 2016 and 2019 elections.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/national/how-to-follow-9news-digital/29855bb1-ad3d-4c38-bc25-3cb52af1216f" target="_blank"><strong><em><span>DOWNLOAD THE 9NEWS APP</span></em></strong></a><strong><em><span>: Stay across all the latest in breaking news, sport, politics and the weather via our news app and get notifications sent straight to your smartphone. 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