Oxfam Report Highlights Widening Wealth Gap in Australia

An international report published by Oxfam has revealed a stark picture of growing economic inequality in Australia, showing that wealth is increasingly concentrated among a small group of individuals. According to the report, the combined wealth of Australia’s 48 billionaires now exceeds the total wealth held by the poorest 40 percent of the country’s population.

Oxfam noted that the scale of this concentration is striking. The wealth owned by these 48 individuals is estimated to be equivalent to the total lifetime spending of around 1.1 million people. The finding underscores how rapidly wealth has accumulated at the top, even as a large segment of the population struggles to meet basic living costs.

While billionaire wealth continues to rise, ordinary citizens are facing mounting financial pressure. The report highlights that many Australians are grappling with rising daily expenses, including housing rents, utility bills, and the overall cost of living. Inflationary pressures have disproportionately affected low- and middle-income households, limiting their ability to save and increasing financial insecurity.

According to the report, around 370,000 people in Australia are currently living at or near the poverty line. Alarmingly, this figure includes approximately 75,000 children under the age of 15. Oxfam warns that child poverty at this scale poses long-term risks to education, health outcomes, and social mobility, potentially entrenching inequality across generations.

The report further reveals that income inequality has been steadily worsening, with many households experiencing food insecurity over the past year. Rising prices and stagnant wages have forced families to cut back on essential food consumption, reflecting a deeper strain on household resilience. Oxfam states that this trend signals not just economic imbalance, but a growing gap in living standards across society.

In response to these findings, Oxfam has urged policymakers to take decisive action. The organization has called for fairer taxation policies, stronger social protection systems, and targeted support for low-income communities. Without timely and effective intervention, the report warns that widening inequality could fuel social tension and undermine long-term economic stability in Australia.