A new report has exposed the amount of profit accumulated by Australia's largest organisations during times of global turmoil. Oxfam Australia has identified the mining, banking and supermarket sectors as having recorded the largest gains from 2021 and 2023.A new report has found Australia's largest 500 corporations made billions of dollars in additional crisis profits between 2021 and 2023.
The report has identified the mining, banking, and supermarket sectors as recording some of the biggest gains between 2021 and 2023. "There are finite resources within economies and when they're allowed to amass amongst the top end. So a very small number of corporations and individuals, and this is very much a feature of what we call market concentration. When there are very few corporations, they gain a very significant benefit of these changes in world conditions.
Oxfam Australia is calling for a crisis profits tax to discourage price gouging and address growing inequality.