The cost-of-living crisis: corporate greed is driving Australians to the brink

Our Southbank survey received so many responses, so, thank you to everyone who took time to respond. Cost of living was a consistent concern, and you’re not alone.

Australians are struggling. Rent is through the roof, groceries cost more than ever, and insurance premiums are out of control. 

Over the past three years, some Southbank residents have seen their rents increase by a staggering 60 per cent. 

But while everyday people are cutting back and stressing over bills, corporate giants are making record profits. Billionaires are hoarding wealth, and multinational corporations are dodging tax.

This isn’t just bad luck or inflation – it’s a political choice. 

Governments have let a handful of powerful corporations control entire industries, push prices up, and exploit everyday people. But it doesn’t have to be this way. 

The Greens are fighting to put people before profits, and we have a plan to make life more affordable.

Coles and Woolworths control most of Australia’s grocery market, which means they can drive up prices while forcing farmers into unfair deals. Last year, both made over $1.5 billion in profits – yet they claim price hikes are unavoidable. 

Less competition means higher prices, and Australians are stuck paying whatever these giants demand while a handful of executives get richer. We need to break up this monopoly, introduce stronger price-gouging laws, and support small grocers to bring back real competition.

Insurance companies are no better. Premiums have skyrocketed – some by as much as 50 per cent in just a year – forcing many Australians to go without cover. Climate disasters are getting worse, yet insurers are abandoning high-risk communities, leaving people stranded. 

Meanwhile, their profits are soaring – some up 91 per cent in a year. Their business model is simple: charge more, cover less, and put shareholder returns above people’s security. 

We need to stop them from price gouging and withdrawing from entire regions. A public insurer could guarantee fair, affordable coverage for everyone.

And while everyday Australians are struggling to get by, billionaires and multinational corporations are getting away with paying nothing. More than 1200 major companies paid zero tax in 2022-23. In the past year, billionaire wealth jumped by $28 billion. Australia’s richest are making $67,000 an hour – 1300 times more than the average worker – while wages barely move. This is a policy failure. 

The Greens want to close tax loopholes, introduce a billionaire wealth tax, and make big corporations pay their fair share. A super-profits tax alone could raise tens of billions – money that could be used to lower the cost of living, build housing, and invest in public services.

This crisis isn’t inevitable – it’s the result of political inaction. 

The Greens are taking a stand. We’re listening to people like you and fighting to break up the supermarket duopoly, stop price gouging on groceries, regulate the insurance industry so people aren’t left stranded, and tax billionaires and big corporations to lower living costs and invest in the essential services Australians rely on. 

The money is there – it’s just in the wrong hands. We believe it’s time to put people before profits.

We are only a phone call away so please get in touch if there are further issues that you’d like to share with your local Greens representatives. •