Australia's Billionaires Surge in Wealth, Inequality Campaigners Highlight Gap

Morning everyone. Inequality campaigners have highlighted that Australia’s new rich list shows the wealth of our billionaires has surged by almost $50,000 a minute in the past year.

As Barnaby Joyce takes top billing at an anti-abortion event in Sydney, we look at how the rise of One Nation is amplifying the cause.

Plus: Linda Reynolds has paid back nearly $8,800 in travel costs claimed by her partner, Peter Garrett tells us why he thinks Aukus is a bad idea, and a smart drug could cut tumours by 30%.

Australia

Expenses repaid | Former Liberal senator Linda Reynolds has paid back nearly $8,800 in parliamentary expenses after her partner claimed family reunion allowances to visit his son in Melbourne while en route to meet her in Canberra.

Wealth gap | The wealth of Australia’s billionaires increased by $25.67bn in the past year, equivalent to almost $50,000 a minute, according to new Oxfam Australia analysis of the 2026 Australian Financial Review Rich List.

Joyce spotlight | Barnaby Joyce of One Nation will be the headline act at an anti-abortion rally being held in Sydney tonight in support of the bill being brought by Libertarian MP John Ruddick to restrict abortion. It reflects how the surge of the minority party in the polls is drawing attention to the issue.

Exclusive | Former environment minister Peter Garrett will lead an independent inquiry into the Aukus defence pact, launched by a group of Labor veterans and public figures.

Estimates opening | This week’s round of Senate estimates offers the Coalition the chance to, as our correspondent Josh Butler puts it, take some paint off the government’s budget proposals.

World

Cancer hope | A smart drug that stops cancer cells “hiding” from treatment can shrink tumours by at least 30% in six of the world’s most common forms of the disease, early trial results show.

Mandelson critique | The disgraced Peter Mandelson exchanged WhatsApp messages with a senior cabinet minister criticising Keir Starmer’s lack of “verve” and tendency to buckle under pressure, suggesting the UK prime minister should be more “Trumpian”. We break down what’s in the so-called Mandelson files, and what it tells us about UK Labour.

Iran vow | Iran says it is suspending all further contacts through mediators with the US over the Israeli offensive in Lebanon as the two sides skirmished amid a faltering ceasefire, while Israel’s capture of Beaufort Castle has shocked Lebanon. Follow developments live.

Chip advance | A new front has opened up in the battle for dominance in AI chips, as Nvidia said its latest development could replace the mouse and keyboard in how people use computers.

Market chat | Anthropic, the AI firm that makes the Claude chatbot, has announced that it will float on the stock market with a valuation expected to be about US$1tn.

Full Story

Peter Garrett on why Australians deserve the truth about Aukus

Peter Garrett joins Nour Haydar to discuss whether Aukus will make us safer, or potentially turn us into a nuclear target.

In-depth

One key impact of the federal budget reforms is that instead of relying on tax-enhanced speculation, writes Jonathan Barrett, investors must look at established properties based on actual profitability – leaving more space for first home buyers.

Not the news

In our latest rookie era feature, Philippa Chandler writes about taking on a long-distance hike in Tasmania. Despite the daunting nature of the challenge, she returned home with a sense of achievement, smelly socks and a thousand photos of moss.

Sport

World Cup | Tony Popovic’s young squad has been welcomed but they face challenges in the tournament against more experienced opponents in Group D.

Tennis | Serena Williams has confirmed she will return to top-flight action next week at the Queen’s Club in London. Our live blog followed the French Open action.

Football | Jonathan Wilson reckons PSG now stand among the greatest teams after defending their European title, while the England legend Kevin Keegan has announced he has stage-four cancer.

Media roundup

More than half of Australia’s universities have dived in the global rankings, the Sydney Morning Herald reports. Victoria’s anti-corruption agency will be given more powers to investigate the misuse of public funds on the state’s big construction sites, according to the Age. Two women have been had to be rescued from quicksand on a South Australia beach, the Advertiser reports.

What’s happening today

Economy | Minimum wage decision announced by Fair Work Commission, building approvals data, and RBA board member Ian Harper speaks in Melbourne.

Indigenous affairs | Friends of Australian Rock Art bring a case against the state government and Woodside at the supreme court of Western Australia.

Canberra | National Press Club address – Michael Liebreich on clean energy.

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