Some of Australia’s largest companies have been named and shamed for raking in billions in ‘crisis profits’ following the pandemic and the subsequent economic downturn.
A report from Oxfam has revealed 500 of Australia’s largest companies, including Woolworths, BHP, NAB, Santos and Macquarie have earned more than $98 billion since 2020, mostly thanks to cost-of-living pressures resulting from the COVID pandemic, the war in Ukraine and other events out of people’s control.
Lyn Morgain, chief executive at Oxfam, told The New Daily these large companies have taken advantage of Aussies in vulnerable positions and that new taxes are needed to ensure corporate excess can be curbed.
“[$98 billion] is all the money we spent on Covid support for people; it’s all of the social housing we need,” she said.
“This money being in private hands means it can’t be distributed to the population – that’s why tax is so important.”
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