An analysis commissioned by Greens senator Lee Rhiannon, has found that almost a quarter of the 200 richest Australians list property as their only source of wealth.
The analysis, which was conducted by the parliamentary library, looked at 10 years of Rich List data to see how many were listing property as the only source of wealth.
The number almost doubled from 28 in 2007 to 47 in 2017.
Another key finding from the analysis was that profit margins for real estate services and property operators reached 57.6% in 2015-2016, a level not reached since prior to the 2008 Global Financial Crisis.
Rhiannon said that the analysis reveals the problem of income inequality.
“It’s going to become an issue that’s not just impacting on working class people, disadvantaged people, but increasingly hitting middle-class families, while the wealthy, the super wealthy, are doing very well,” he said.
The analysis also looked at how much state governments were reaping from the housing market.
In 2015-2016, the NSW state government earned $6.45 billion from land transfer-related transactions.
Rhiannon called for governments to spend more on social and affordable housing.
Source: The Guardian