Oxfam

A new report from Oxfam, released on the eve of the World Economic Forum, revealed that Australia’s richest 1% owned 23% of the country’s total wealth last year, up from 22% the year before, and more than the bottom 70% combined.

Based on data from Credit Suisse, the report also revealed that Australia now has 33 billionaires, up by 8 in the past year alone.

The Oxfam report shows that inequality is worsening.

The Occupy movement, which started as a protest against Wall Street, but ballooned across the US and internationally in 2011, adopted the slogan “We are the 99%” to symbolise the struggle for a better world against the greed of “the 1%”. Some people at the time thought it was an exaggeration to talk about the 1% versus the 99%, but according to Oxfam, since 2015, that richest 1% has owned more wealth than the rest of the planet combined.

There can be no doubt about it. Capitalism is eating the future, destroying it with systematic greed and exploitation.

Just one year ago, according to calculations by anti-poverty group Oxfam, the 62 richest people on the planet owned as much wealth as the poorest half of the world's population (3.5 billion). This year that number has dropped to eight as inequality spirals out of control.

Eight super rich men have more wealth than half the people in the world and the richest 1% have more than the other 99%. Does anyone believe this is sustainable, let alone conscionable?

The latest World Bank Global Monitoring Report boasted that only 9.6% of the world's population — 702 million people — are forecast to be living in extreme poverty in 2015, 200 million fewer than in 2012. And this even with the WB now raising its official poverty line from the 2008 US$1.25 a day level to US$1.90.

WB president Jim Yong Kim declared that the world has a good chance of ending extreme poverty by 2030.

The abrupt arrival of this year's bush fire season should be taken as another warning of the urgency of tackling the climate change crisis.

The El Nino phenomenon of severe droughts and flooding rains that will make this a more dangerous summer has been a part of longstanding weather patterns on the Australian continent. But research has shown that El Nino will double in frequency and severity as global warming increases.

Has a not-for-profit or charity (an NGO) contacted you to suggest switching electricity retailer? Are you convinced this helps them promote their causes while also addressing climate change?

Several NGOs are now promoting an electricity retailer Powershop to their supporters. Australian activist group GetUp! pioneered such marketing. Others forming partnerships with Powershop include anti-poverty charity Oxfam, and environmental NGOs.

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