… a recent Oxfam report reveals that just like US billionaires, those in Australia are continuing to increase their wealth exponentially, and just like in the States, over 2026, the local 1 percent has revealed their far-right proclivities.

Oxfam reported in May 2026 that the collective wealth of Australian billionaires increased by more that $25 billion over the 12 months prior. This growth translates to a “staggering surge” of $50,000 every minute. This obscene wealth gain follows a three-year trend. And this extreme spike comes as the number of billionaires in this country has risen to the highest on record.

There are now 178 billionaires locally. Their numbers are rising alongside their wealth, under the global capitalist system that results in an ever-greater concentration of wealth in the hands of the 1 percent to the detriment of the bottom 50 percent. And the 20 richest locals in this country now hold more wealth than the bottom 3 million Australians.

Just like in the US, Australian billionaires now appear to be taking a more proactive role in federal politics… the world’s richest man Elon Musk was placed in charge of [US’] most important databases, while tech bro Peter Thiel bankrolled JD Vance into the US vice-presidency. And now we have mining magnate Gina Rinehart vying for a One Nation-led government over here.

But in a recent op-ed, Greens Senator David Shoebridge set out that he considers that rising feelings of hopelessness and despair are often by the design of the billionaire class, as it attempts to shield the fact that the people can unite and wrest back power.