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.
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