A new report has hit out at major companies, including Woolworths, NAB and BHP, claiming they"cashed in" on economic conditions during COVID-19 and Russia's invasion of Ukraine while average Australians were"pushed to the brink."
"It was a tough start to the decade for most. First came an unprecedented pandemic causing immeasurable suffering; then the Russian invasion of Ukraine, its ripple effects helping to fuel global inflation and sparking a cost-of-living crisis," the report maintains. Woolworths, Harvey Norman, NAB, AGL Energy, and BHP were amongst the many household names Oxfam accuses of profiteering behaviour, with analysis by the not-for-profit group suggesting the top 500 Australian corporations made $98 billion in"crisis profits" - net profit over 20 per cent higher than those from a four year baseline comprised of FY2017-18 and FY 2020-21 - between 2021 and 2023.
"Oxfam analysis has found that if the government had taxed the crisis profits of the top 500 Australian corporations at a rate of 90 per cent, the Australian Government would have raised $88 billion over 2021-2023," the report said.
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