New Zealand and Australia's shocking wealth inequality has been laid bare after a report from Oxfam found the richest 1% of Australia owns more than the bottom 70%, and that 28% of the wealth created in New Zealand last year went to its richest 1%.
The figures come from Oxfam's Reward Work, Not Wealth report and indicate the growing divide between the rich and poor in Australasia.
Using data from Credit Suisse, the report found wealth had grown $148 billion in New Zealand in 2017, with just 10% of the country's population owning more than half the nation's wealth.
In Australia, eight people became billionaires in 2017 — meaning there are more billionaires Down Under than ever before.
“Over the decade since the Global Financial Crisis, the wealth of Australian billionaires has increased by almost 140% to a total of $115.4 billion last year," said Oxfam CEO Helen Szoke in a statement.
"Yet over the same time, the average wages of ordinary Australians have increased by just 36% and average household wealth grew by 12%."
Szoke called on the Australian government to end cuts to corporate taxes and introduce much tougher tax transparency laws that demand companies publicly report income and taxes for every country in which they operate.
In New Zealand, Oxfam's NZ executive director Rachael Le Mesurier said poorer people tend to vote less than others, and that continued income inequality is bad for democracy.
"Governments can tackle extreme inequality here and globally by ensuring the wealthy and multinationals pay their fair share of tax by cracking down on tax avoidance — then using that money to make our country and the global economy a fairer place," she said.
A spokesperson for New Zealand trade and export minister David Parker told BuzzFeed News the minister was concerned about the increasing concentration of wealth at the top, and that he would be raising the issue during the World Economic Forum in Davos, Switzerland, this week.
"The New Zealand government is taking steps to address inequality, such as through a ban on foreign buyers of existing residential property, lifting the minimum wage, a package to boost family incomes and a pending tax review," said the spokesperson.
Australian unions say the report only accentuates the need for urgent pay rises in the country.
BuzzFeed News has sought comment from Australian treasurer Scott Morrison.