25 November 2020

Matt Wade: “The uber-rich are having a great pandemic. Despite the biggest economic downturn in living memory the Australian Financial Review’s latest Rich List revealed the combined worth of the nation’s 200 wealthiest individuals increased by about 25 per cent compared with last year. … Many of our wealthiest families were able to ride the pandemic storm then reap huge gains from the ‘V-shaped’ rebound in asset prices, led by technology firms. In Australia, some miners have benefited hugely from a China-fuelled iron ore boom. But there’s no V-shaped recovery in the real economy. Millions of workers lost their jobs or watched incomes shrink as the coronavirus outbreak pushed the economy into recession. Almost 1 million Australians are officially unemployed and the economy is still being propped up by government and Reserve Bank emergency measures eight months after the onset of the pandemic. The billionaires’ bonanza at a time of such deep economic crisis begs an important question: will the pandemic leave us a more unequal society?“ We will, because that is what we have chosen. Morrison has deliberately pushed people back into poverty, and now — egged on by the usual ideologues [$] — he is planning another attack on workers’ rights.