Demand Treasurer Jim Chalmers tax the super rich | Tax the super rich

Demand Treasurer Jim Chalmers tax the super rich

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Dear Treasurer Jim Chalmers,

I am deeply concerned about inequality and extreme wealth in Australia. The wealth of the richest 0.1% grew six times faster than someone in the bottom half of the population. —while millions of Australians struggle with soaring living costs, stagnant wages, and underfunded essential services.

Over the last decade, the number of billionaires has doubled to 161, and the total wealth of Australia’s wealthiest 200 people reached an eye-watering $668 billion in 2025. This starkly contrasts with the financial uncertainty faced by everyday Australians. Our healthcare, education, and housing systems are under strain, while the ultra-wealthy continue to benefit from tax loopholes and an unfair system that enables extreme wealth growth and super profits in the midst of a cost-of-living crisis.

Research shows billionaires pay an effective tax rate of around 0.3% of their wealth globally. 85.6% of the capital gains tax discount goes to the highest 10% of income earners, and those earning over $1 million are benefiting from the taxpayer-funded scheme to the tune of $271,000 per person. Our progressive tax system is failing us where it’s needed most to address inequality and raise revenue for essential services and eradicating poverty.

As Treasurer, you have the power to address this. I urge you to introduce a wealth tax on the richest 0.5% and progressive reforms to ensure the super rich and big corporations pay their fair share of tax.  We also call on you to scrap the 50% capital gains tax discount so that income from wealth is taxed the same as wages.

We call on you to invest the revenue raised from these reforms into essential services, addressing climate change and eradicating poverty at home and in our region. It’s time to share the profits with the people.

Australia is not alone in this inequality. Global billionaire wealth grew by $3 trillion last year, while 3.5 billion people, around 44% of humanity, live under the World Bank poverty line. This has barely changed since 1990.

So, we call on you to also advocate for global cooperation to tax the super-rich at the United Nations and G20.

At the UN Conference on Financing for Development in Seville, Brazil, Spain and South Africa launched a new Coalition on taxing the super rich, the 'Seville Platform for Action.' This is a key step towards global tax justice. I urge Australia to join with other nations to unite behind a shared solution.

It's time for bold leadership. By acting now, you can help build a fairer and more equal Australia—one that works for all of us, not just the wealthiest few.

I look forward to hearing from you on this important issue.

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