Key events
Cait Kelly
Australian billionaire wealth grew by $137m every day over last decade
The number of Australian billionaires has more than doubled over the past decade, rising from 74 in 2015 to 161 in 2025, according to Oxfam Australia analysis of the Australian Financial Review Rich List.
Number crunching also revealed that in the same period, billionaire wealth grew on average by more than $137m per day, or $95,000 per minute.
In light of these staggering figures, the anti-poverty organisation is renewing its call for urgent tax reform to address rampant inequality and ensure that Australia’s wealthiest contribute their fair share.
Oxfam analysis also uncovered:
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The total wealth of Australia’s richest 200 people has surged by 160% to $667.8bn in the past decade.
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The average Rich Lister has over 116,000 times the wealth of an Australian in the bottom 50%.
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Over the last 10 years, property has been the most frequent source of wealth accumulation for Australia’s richest, followed by retail, investments and mining/resources.
Bradfield recount continues, with Boele up by 28 votes
Exactly one month after the 3 May election, the NSW seat of Bradfield is yet to be called. A recount is under way, with independent Nicolette Boele currently up by 28 votes over her Liberal challenger, Gisele Kapterian.
The Australian Electoral Commission has until 9 July to declare a result, but it could take some time. Election-watcher Kevin Bonham notes the average difference from the first-vote tally found during a recount comes out to 22 votes, although in one case, the Tasmanian seat of Bass in 1998, the recount found a 64-vote difference.
Boele thanked supporters working as scrutineers and the volunteers cooking them hot lunches, writing on Facebook yesterday:
This is what community looks like. And it’s been the heartbeat of this campaign from day one. No matter what happens, it is such a joy to be part of this community.
Good morning, Nick Visser here to take you through today’s breaking news. For now:
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The race for the NSW seat of Bradfield remains neck-and-neck, with independent Nicolette Boele currently leading Liberal Gisele Kapterian by more than 20 votes. It’s still too early to call the seat, as a painstaking – and polite – recount remains under way. The federal election took place exactly one month ago.
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The number of Australia billionaires has more than doubled over the past decade. In 2015, there were 74. There are now 161, according to Oxfam Australia. Billionaire wealth grew on average by more than $137m per day.
Stick with us for all the twists and turns the day has to offer.
