Australia has recorded its highest number of billionaires to date, a total of 178, according to new analysis by Oxfam Australia.
The organisation has found that the collective wealth of the country’s billionaires rose by almost $25.7 billion in the last 12 months — enough to lift more than one million Australians out of poverty.
With many households struggling with rising costs, Oxfam is calling for changes to the tax system to stop the rise in wealth inequality.
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