Australian billionaires have seen their wealth grow by almost $600,000 a day on average over the past year. Collectively, they gained more than $10.5 billion, says an Oxfam report released Monday. The group used this data to push for ending tax breaks such as negative gearing and capital gains discounts. These tax concessions are currently under review in a federal inquiry. Since 2020, eight new billionaires joined Australia’s ranks, making a total of 48. Together, their wealth exceeds that of the poorest 40% of Australians, about 11 million people. The report states one billionaire’s annual wealth increase equals the yearly income of more than 2,000 average Australians. Oxfam's CEO Jennifer Tierney said, "The wealth of billionaires globally was growing at an unprecedented speed, three times faster than we’ve seen it grow in the past." She added, "What we’re seeing is tax systems that work for the wealthy and tax systems that are not working to actually fill the government coffers with money that could provide support for things like housing, or childcare support." New Australian billionaires named include Canva co-founders Cliff Obrecht, Melanie Perkins, and Cameron Adams; the Wilson brothers who own Reece plumbing; Chemist Warehouse co-founders Jack Gance, Mario Verrocchi, and Sam Gance; medical software founders Sam Hupert and Anthony Hall; online gambling magnate Ed Kraven; coalmine owner Sam Chong; and fund manager Michael Heine. Tierney suggests reforms like removing the capital gains tax discount for individuals and trusts, phasing out negative gearing, and introducing a net wealth tax on the richest 0.5%. "A 5% wealth tax on Australia’s billionaires just last year could have raised $17.4bn," she said. That money could fund cheap childcare, extend energy bill relief by two years, and boost humanitarian aid. She said, "We have a prime minister who talks about creating a kinder and fairer Australia. The government has the tools to act." The report also highlights growing poverty in Australia, with more than 3.7 million people living in poverty, including 757,000 children. One in three households struggled with food security last year. The federal parliamentary inquiry into the 50% capital gains tax discount heard that these tax concessions encourage property investment and hurt first-home buyers. NSW Treasury officials told the inquiry the capital gains tax discount costs the federal budget $23 billion in lost revenue, with $8.7 billion from NSW alone. "Tax settings, such as the CGT discount, amplify investor purchasing power, compounding these pressures," the submission said. "By reducing the effective tax rate on capital gains and allowing tax deferral, the CGT discount increases after-tax returns for investors, enabling them to bid more aggressively."