Rich Lister wealth secrets revealed after 30-year loophole ends
Two years after removing an exemption that allowed Australia’s richest families to keep details of their private companies secret, their financials are filtering through.
Rich Lister Kerry Stokes has very public sources of wealth in media, heavy machinery and resources. But in 2022-23 the West Australian billionaire also made millions from under-the-radar private ventures in property, livestock, and a honey packaging and export firm.
Pre-tax profit for his private company Australian Capital Equity rose 17 per cent to $107 million over the year, according to financial reports lodged with the Australian Securities and Investments Commission.
Ronald MizenPolitical correspondentRonald Mizen is the Financial Review’s political correspondent, reporting from the press gallery at Parliament House, Canberra. Connect with Ronald on Twitter. Email Ronald at ronald.mizen@afr.com
Tom McIlroyCanberra Bureau ChiefTom McIlroy was the Financial Review’s Canberra bureau chief.
