by ERIC LUDLOW
An additional 20 billionaires were included in the list compared to 2023, taking the total number Australian billionaires to 159.
The ultra-wealthy have increased their fortunes by profiteering from skyrocketing commodity prices and the ongoing property bubble. These movements in the markets have come off the back of the ongoing US-NATO imperialist war against Russia in Ukraine, the profit-driven dismantling of any COVID safety measures, killing millions, and increasing global financial uncertainty.
Amid the soaring cost of living for ordinary workers and cuts to social spending in order to fund militarism and genocide, the Australian published an editorial on 14 March titled “The List – Richest 250 cause for celebration.”
“We strongly believe there is nothing wrong with making money,” the editorial declared.
It continued: “Reading the stories of how money is made should be an inspiration.… The Richest 250 List is not a road map but it is a field guide for anyone with the determination to succeed. It is proof there still are no limits for those who are willing to back themselves and give it a go.”
It is doubtful that working people will be joining these celebrations.
The same week the Rich List was published, an analysis of data from the Australian Bureau of Statistics showed that the two-year drop in real disposable income of Australian households since 2022 was the biggest in 50 years. Falling living standards coupled with soaring house prices and inflation far higher than nominal wage “increases” have seen more Australian workers finding it difficult to make ends meet.
This transfer of wealth has been overseen by the Labor government of Anthony Albanese which was elected in 2022 on fraudulent slogans of “a better future” and “no one left behind,” only to implement harsh austerity measures and to insist on “sacrifice” once in office.
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