A new report has hit out at major companies, including Woolworths, NAB and BHP, claiming they 'cashed in' on economic conditions during COVID-19 and Russia's invasion of Ukraine while average Australians were 'pushed to the brink.'
A new report has hit out at major companies, including Woolworths , NAB and BHP , claiming they"cashed in" on economic conditions during COVID-19 and Russia's invasion of Ukraine while average Australians were"pushed to the brink."
"It was a tough start to the decade for most. First came an unprecedented pandemic causing immeasurable suffering; then the Russian invasion of Ukraine, its ripple effects helping to fuel global inflation and sparking a cost-of-living crisis," the report maintains. Woolworths, Harvey Norman, NAB, AGL Energy, and BHP were amongst the many household names Oxfam accuses of profiteering behaviour, with analysis by the not-for-profit group suggesting the top 500 Australian corporations made $98 billion in"crisis profits" - net profit over 20 per cent higher than those from a four year baseline comprised of FY2017-18 and FY 2020-21 - between 2021 and 2023.
"Oxfam analysis has found that if the government had taxed the crisis profits of the top 500 Australian corporations at a rate of 90 per cent, the Australian Government would have raised $88 billion over 2021-2023," the report said.
Harvey Norman Price Gouging Gina Rinehart Coles Hancock Prospecting BHP NAB COVID-19 Oxfam Australia Cost Of Living Albanese Government Corporate Profits Supermarkets Gerry Harvey Woolworths AGL Energy
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Woolworths, Coles and IGA shoppers stranded as major food company HS Fresh Foods goes bust7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
How Tribeca cashed in on China’s ‘Big Short’ momentTribeca’s John Stover first heard rumblings about China property giant Evergrande back in 2021. A few months later, he began shorting the world’s largest housing market.
Read more »
The northern beaches brothers who won from Woolies’ $590m bet on petsWoolworths’ acquisition of a major stake in PETstock has yielded a third beneficiary, PetO, which has its own ambitions of being a major player in the pet store landscape.
Read more »
The northern beaches brothers who won from Woolies’ $590m bet on petsWoolworths’ acquisition of a major stake in PETstock has yielded a third beneficiary, PetO, which has its own ambitions of being a major player in the pet store landscape.
Read more »
The northern beaches brothers who won from Woolies’ $590m bet on petsWoolworths’ acquisition of a major stake in PETstock has yielded a third beneficiary, PetO, which has its own ambitions of being a major player in the pet store landscape.
Read more »
Rich-lister Patricia Ilhan and top restaurateur Chris Lucas hunt for CBD property bargainsWhen times get tough, cashed up investors with deep pockets start looking for distressed property.
Read more »