RICH PEOPLE – AUSTRALIA

Australia’s wealthiest 20% worth 90 times the country’s poorest, new report reveals

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Original article by Cait Kelly
The Guardian Australia – Page: Online : 27-Sep-23

The Australian Council of Social Service and the University of New South Wales have released a report which highlights the nation’s growing wealth gap. The report, which is based on Australian Bureau of Statistics data from 2019, concluded that superannuation and property investment have been key drivers of growth in wealth over the last two decades. The wealthiest five per cent of Australians were worth an average of $6.7m in 2019, accounting for one-third of the nation’s combined wealth. Likewise, the wealthiest 20 per cent of Australians were worth an average of $3.2m. In contrast, people in the lowest quartile relied on an average of $419 each week in social security payments for half of their income.

CORPORATES
AUSTRALIAN COUNCIL OF SOCIAL SERVICE, UNIVERSITY OF NEW SOUTH WALES

Australians are the world’s richest people: Credit Suisse

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Original article by Michael Read
The Australian Financial Review – Page: 3 : 21-Sep-22

Credit Suisse’s annual global wealth report shows that the median Australian adult had a net worth of $US273,900 at the end of 2021. This makes them richer than the comparable resident of any other country, according to the report. However, Australia ranked fourth on a mean wealth basis, behind Switzerland, the US and Hong Kong. The median Australian adult’s net wealth rose by $US28,450 during the calendar year, boosted by strong growth in share prices and the housing market. The number of millionaires in Australia rose to 2.18 million in US dollar terms in 2021, and Credit Suisse expects this to reach 2.94 million by 2026.

CORPORATES
CREDIT SUISSE AG

Rinehart leads miners to No.1 as tech stars ride COVID-19 wave

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Original article by Michael Bailey, Julie-anne Sprague
The Australian Financial Review – Page: 1 & 6 : 30-Oct-20

The combined wealth of Australia’s 200 wealthiest individuals and families has risen from $342bn in 2019 to $424bn in 2020. Mining magnate Gina Rinehart has regained the title of Australia’s richest person, with estimated wealth of $28.9; she last topped the ‘Financial Review Rich List’ in 2015. Rinehart is followed by Andrew Forrest ($23bn) and Anthony Pratt ($19.75bn) on the list. Pratt had topped the list in 2019. Atlassian’s co-founders Mike Cannon-Brookes and Scott Farquhar are ranked 5th and 6th respectively.

CORPORATES
HANCOCK PROSPECTING PTY LTD, FORTESCUE METALS GROUP LIMITED – ASX FMG, VISY INDUSTRIES AUSTRALIA PTY LTD, ATLASSIAN CORPORATION PLC

Murdoch siblings catapult up list

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Original article by Michael Bailey
The Australian Financial Review – Page: 1 & 2 : 29-May-19

Lachlan Murdoch is ranked 18th on the 2019 Financial Review Rich List, with estimated personal wealth of $18bn. His sister Prudence MacLeod is ranked 22nd and is estimated to be worth $3.1bn. Rupert Murdoch’s other four children are not eligible for inclusion in the Rich List as they are not Australian citizens. The wealth of Murdoch’s children was boosted after they were each given 17 million shares in Walt Disney Company following the media giant’s acquisition of 21st Century Fox. Disney’s shares recently reached a record high.

CORPORATES
WALT DISNEY COMPANY, 21ST CENTURY FOX INCORPORATED, NOVA ENTERTAINMENT PTY LTD, MACDOCH VENTURES, NEWS CORPORATION – ASX NWS, CANVA PTY LTD, ARTESIAN CAPITAL MANAGEMENT (AUSTRALIA) PTY LTD, TEN NETWORK HOLDINGS LIMITED

Greens in push to slug rich to boost the dole

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Original article by Adam Creighton
The Australian – Page: 2 : 30-Oct-18

Greens leader Richard Di Natale will announce plans to impose a minimum tax rate of 35 per cent on earnings in excess of $300,000 a year. The proposal, which has been costed by the Parliamentary Budget Office, would raise around $10.5 billion a year, with the funds raised to be used to increase unemployment benefits by $75 per week. The Greens are also seeking to revive Labor’s failed super-profits tax on mining companies.

CORPORATES
AUSTRALIAN GREENS, AUSTRALIAN LABOR PARTY

CBA the most popular bank with wealthiest 10% of Australians

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Original article by Roy Morgan
Market Research Update – Page: Online : 8-Oct-18

New research from Roy Morgan shows that the CBA is the clear leader when it comes to banks used by the wealthiest 10% (top decile) of the population, with more than a third (36.7%) being customers. This segment is particularly significant as identified in the "Roy Morgan Wealth Report", which shows that the top decile accounts for 48.3% of Australian households’ net wealth. The big four dominate when it comes to the banks used by the wealthiest 10% of Australians. Individuals in this important segment generally deal with more than one bank, but the banks with the highest penetration are CBA (36.7%), Westpac (25.7%), ANZ (23.7%) and NAB (22.5%). A number of smaller banks have much higher customer penetration in this segment compared to what they have in the total population, including St George (11.3%), ING (7.6%), Macquarie (4.9%) and Citibank (3.9%). These are the latest results from Roy Morgan’s Single Source survey, which is based on in-depth personal interviews conducted face-to-face with over 50,000 Australians per annum in their own homes, including over 5,000 of the wealthiest 10%.

CORPORATES
ROY MORGAN LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ST GEORGE BANK LIMITED, ING BANK (AUSTRALIA) LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, CITIBANK LIMITED

Top 10pc gain 80pc of CGT benefits

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Original article by Joanna Mather
The Australian Financial Review – Page: 4 : 22-Jan-18

The percentage of the yearly benefits of the capital gains tax discount that goes to the highest income earners has increased from 70 per cent to 80 per cent over the last 10 years or so, according to the Australian Taxation Office. Danielle Wood from the Grattan Institute says this suggests that the 50 per cent discount on capital gains needs to be modified. The presence of the discount, when combined with negative gearing, is seen by experts as making the leverage of real estate a particularly attractive proposition for investors.

CORPORATES
AUSTRALIAN TAXATION OFFICE, GRATTAN INSTITUTE, AUSTRALIAN LABOR PARTY, AUSTRALIAN HOUSING AND URBAN RESEARCH INSTITUTE

ATO gets personal with 1500 richest

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Original article by Joanna Mather
The Australian Financial Review – Page: 1 & 6 : 11-Dec-17

The Australian Taxation Office is taking a new approach when it comes to ensuring that the nation’s richest people are not avoiding their tax obligations. Whereas the ATO’s previous policy in this area was to rely on tax reviews and audits, its new strategy involves personal interviews with Australia’s richest people. The ATO’s current focus, which is led by Will Day, is on Australia’s top 320 private groups. Those within this group have either $A500 million or more in assets or at least $A350 million in turnover.

CORPORATES
AUSTRALIAN TAXATION OFFICE, AUSTRALIAN NATIONAL AUDIT OFFICE

Labor’s trust policy misses the rich

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Original article by Joanna Mather
The Australian Financial Review – Page: 6 : 2-Aug-17

Tax experts have questioned the likely effectiveness of the Federal Opposition’s proposed tax crackdown on family discretionary trusts in targeting wealthy Australians. Chapman Eastway CEO Sean Cortis says taxing family trusts at the same rate as companies would primarily affect people with investable assets of less than $A5m, rather than the "mega rich". The reforms are aimed at curbing the practice of income-splitting, but tax experts say wealthy families are more likely to "warehouse" money in a company within a family trust.

CORPORATES
AUSTRALIAN LABOR PARTY, CHAPMAN EASTWAY, BDO AUSTRALIA LIMITED, GRIFFITH UNIVERSITY. GRIFFITH BUSINESS SCHOOL

It’s Harry at No 1

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Original article by John Stensholt
The Australian Financial Review – Page: 1 & 2 : 27-May-16

Property developer Harry Triguboff has displaced Gina Rinehart as Australia’s wealthiest individual. Triguboff is ranked first on the 2016 "BRW" Rich 200 List, with estimated wealth of $A10.62bn. Anthony Pratt is the nation’s second-richest person, with a $A10.35bn fortune. Rinehart’s wealth has fallen from $A14.02bn in 2015 to just $A6.6bn, ranking her fourth. The combined wealth of the Rich 200 has risen by almost one per cent in 2016, to a record $A197.3bn. The list includes 53 billionaires, while 19 people appear on the exclusive list for the first time.

CORPORATES
MERITON APARTMENTS PTY LTD, WESTFIELD CORPORATION – ASX WFD, CHADSTONE SHOPPING CENTRE, BLACKMORES LIMITED – ASX BKL, WORLEYPARSONS LIMITED – ASX WOR