Australian billionaires increased their wealth by almost $600,000 a day on average over last year, report shows

Data collected by Oxfam shows 48 billionaires hold more wealth than bottom 40% of the population – 11 million people – combined

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Australian billionaires increased their wealth by almost $600,000 a day on average over the past year, or more than $10.5bn collectively, new analysis by Oxfam reveals.

The anti-poverty organisation, which released the information in a report on Monday, used its findings to call for an end to negative gearing and capital gains discounts, concessions which are now being examined in a federal inquiry.