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Calls for benefits of G20 deals to reach nation's poorest

MORE than a third of all wealth created in G20 countries in the past year went to the richest 1% in each nation, a report by Oxfam has revealed.

The report was released on Tuesday, ahead of the G20 in Brisbane this week, as part of a wider push by community groups to ensure the benefits of economic deals extend to the poorest people in the G20.

It found that since Australia took on the presidency of the G20 in December last year, total wealth in the G20 rose by $19 trillion, but the richest 1% in each nation captured $7 trillion - or about 36%.

Oxfam Australia chief executive Helen Szoke said the G20 needed to heed the global warnings from the OECD, World Bank and International Monetary Fund that more needed to be done to lift people out of poverty.

She said G20 leaders were "in a position to turn the tide', and any economic growth agreements struck at the forum needed to "reduce inequality rather than narrowly focusing on GDP".

Ms Szoke said moves to tackle global tax avoidance should also focus on helping developing nations, which do not have a seat at the G20, to address poverty.

- APN NEWSDESK

Topics:  business economics g20 oxfam



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