The Australian companies that profited $98 billion from global crises

Australian companies pocketed at least $98 billion in 'crisis profits' between 2021 and 2023 as a result of global turmoil, according to new analysis from Oxfam. The charity compared the 2021-2022 and 2022-2023 net profits of the top 500 Australian corporations with their average profits made between 2017 and 2021, allowing for 20 per cent annual growth.

Coal mining national and regional commercial banks , general insurance , and funds management services rounded out the top five in 2023. Morgain said Oxfam was calling for the introduction of a 'crisis profits tax' to "claw back" some of the money and use it to address inequality. She said under such a scheme, any increase in a company's profits above 20 per cent would be taxed anywhere between 50 and 90 per cent.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BHP labour hire case: Mining and Energy Union same job, same pay claims could cost the mining giant $1.3 billion a yearThe wave of cases involving three mines in Queensland will be a key test of the Albanese government’s new laws on labour hire firms, and the mining giant says it could cost the company an extra $1.3 billion a year.
Source: FinancialReview - 🏆 2. / 90 Read more »

ASX Fortescue: Monster $1.1 billion block trade in Andrew Forrest’s mining company underwayA big fund manager sent JPMorgan out to find buyers for a billion-dollar sell-down of Fortescue after the closing bell.
Source: FinancialReview - 🏆 2. / 90 Read more »

Mining Summit 2024: King says BHP prioritised shareholder returns over nickel jobsThe miner has said it will decide whether to shutter its nickel business by August. The Resources Minister says there has been a decade of underinvestment.
Source: FinancialReview - 🏆 2. / 90 Read more »