30 March 2019

The Australian has helpfully identified a list of Australia’s 250 biggest hoarders, who are amassing unfathomable wealth that could be put to far better use: “The List features 96 billionaires… with an average wealth of $1.27 billion for the 250 people featured. Their combined wealth is almost $320bn.” Next time the government claims we can’t afford to invest in health, education or infrastructure, point them to The List — we know exactly who to tax, and exactly where they are stockpiling their cash. There is no reason anyone should have this kind of personal wealth. There is no meritocracy and they certainly didn’t earn it. Luke Savage nails it: “No one earns a billion dollars, but hierarchical economic structures and a skewed political system ensure some nevertheless acquire it because of the property they own. A billion dollars … is not a reward proportionate to someone’s social contribution. It’s institutionalized theft, plain and simple.”