Unpacking the 2021 Rich List Australia: Who Made the Cut and Why?

So, who actually made the big bucks in Australia back in 2021? It was a year where a few big names really stood out on the rich list. We’re talking about folks who built empires from iron ore, software, and even online design tools. It wasn’t just about old money, though; a lot of the action came from newer tech ventures that really took off. Let’s have a look at some of the people and companies that shaped the 2021 rich list Australia.

Key Takeaways

• The 2021 Rich List Australia saw tech companies like Afterpay and Canva really shine, showing how digital businesses are creating massive wealth.
• Traditional industries still held strong, with iron ore magnates like Gina Rinehart and Andrew Forrest remaining major players.
• The year highlighted the success of Australian entrepreneurs who took their companies global, such as Mike Cannon-Brookes and Scott Farquhar with Atlassian.
• The financial sector had its ups and downs, with figures like Gail Kelly and Shemara Wikramanayake representing leadership in banking and investment.
• Historical events and business collapses, like the end of Fairfax and the HIH and One.Tel failures, also played a part in shaping the economic landscape of the time.

1. Afterpay’s Billion-Dollar Fortune

Crikey, Afterpay really took off, didn’t it? It feels like just yesterday Nick Molnar and Anthony Eisen were just two blokes with a good idea, and suddenly, boom – they’re on the Rich List. This buy-now-pay-later service just exploded in popularity, especially with the younger crowd. It’s pretty wild to think how quickly it went from a startup to being a massive player in the finance world.

It wasn’t just a flash in the pan, either. By December 2020, Afterpay had landed itself in the top 20 companies listed on the Australian stock exchange. That’s a huge deal, only five years after it all began. The share price went through the roof, making Molnar and Eisen seriously wealthy.

The pandemic actually seemed to give Afterpay a massive boost. With everyone stuck at home, online shopping went through the roof, and so did the demand for services like Afterpay. It just goes to show how quickly things can change in the business world.

Here’s a quick look at how it all stacked up:

• Founding Year: 2014
• Co-founders: Nick Molnar and Anthony Eisen
• Key Service: Buy Now, Pay Later (BNPL)
• Major Milestone: Sale to Square for $39 billion in August 2021

It’s a classic Aussie success story, really. They tapped into something people wanted and ran with it. The whole thing culminated in a massive sale to Square, which just cemented their place in the financial history books. It’s a good example of how tech can really shake things up, and how young entrepreneurs can make a serious mark.

2. Gina Rinehart’s Iron Ore Empire

When you think of Australia’s richest people, Gina Rinehart’s name usually pops up pretty quickly. And for good reason. Her family’s fortune is pretty much built on iron ore, a massive industry that’s shaped a big chunk of the Australian economy, especially out west.

It all really kicked off thanks to her dad, Lang Hancock. Back in the day, he was flying over the Pilbara region in Western Australia, got caught in a bit of a storm, and noticed something pretty interesting. The wet rocks looked super red, and he figured out it was oxidised iron. That observation turned into a massive export business, and Gina took the reins, turning it into the powerhouse it is today. She’s now worth billions, making her one of the wealthiest individuals not just in Australia, but globally.

Here’s a quick look at how the iron ore industry has grown:

• 1952: Lang Hancock’s initial observations in the Pilbara.
• 1964: Rio Tinto begins exporting iron ore to Japan, marking the start of a major boom.
• 2003: Andrew Forrest establishes Fortescue Metals Group, adding another major player to the scene.

It’s pretty wild to think that a simple observation during a flight could lead to something so huge. The iron ore industry has definitely had its ups and downs, but it’s a cornerstone of Australia’s wealth.

The sheer scale of the iron ore operations in Western Australia is something else. It’s a testament to the country’s natural resources and the drive of people like Gina Rinehart to build massive global businesses from them.

3. Mike Cannon-Brookes and Scott Farquhar’s Atlassian

Mike Cannon-Brookes and Scott Farquhar are the brains behind Atlassian, a software company that really took off. They started it back in 2002 with just ten grand on credit cards, which sounds pretty wild now considering where they ended up.

Their big break came in December 2015 when Atlassian listed on the Nasdaq. It was a massive deal, closing its first day with a valuation of $7.9 billion. That’s a lot of zeroes! By May 2021, the company’s worth had shot up to a staggering $72 billion. If it were listed on the ASX, it would be one of Australia’s biggest companies.

Here’s a quick look at their journey:

• 2002: Atlassian founded with $10,000.
• 2015: Listed on the Nasdaq, valued at $7.9 billion on day one.
• 2021: Valuation reached $72 billion.

It’s a classic Aussie success story, showing what can happen when you have a good idea and the drive to make it happen on a global scale. They’ve built something pretty special that helps teams all over the world work better together.

It’s easy to see them as just tech billionaires, but their story is also about building a business from the ground up, taking risks, and aiming for the stars. They didn’t just get lucky; they worked hard and smart to get Atlassian where it is today.

4. Melanie Perkins and Cliff Obrecht’s Canva

Melanie Perkins and Cliff Obrecht really made waves with Canva, didn’t they? It’s pretty wild to think this graphic design platform, which started out helping schools with yearbooks back in 2008, exploded into a global phenomenon. By 2021, the company was valued at a staggering $19.6 billion. That’s a serious jump from its humble beginnings.

Canva’s success story is a classic example of spotting a need and filling it with something accessible. They wanted to make design easy for everyone, not just professionals. And boy, did they nail it.

Here’s a quick look at their journey:

• 2008: Perkins and Obrecht launch Fusion Books, a platform for school yearbook design.
• 2012: Canva is officially founded, aiming for a broader design market.
• 2014: Canva hits one million users, showing the massive demand for simple design tools.
• 2021: The company reaches a valuation of $19.6 billion, cementing its place as a tech giant.

The sheer speed at which Canva grew is something else. It wasn’t just about making a product; it was about building a community and a brand that people trusted for their creative needs. It really changed the game for small businesses and individuals alike.

It’s a real Aussie success story, proving that you don’t need to be based in Silicon Valley to build something truly massive. Perkins and Obrecht’s vision has clearly paid off big time.

5. Richard Pratt’s Visy Board

Richard Pratt, a name synonymous with Australian business, really made his mark with Visy Board. He took the reins of the packaging company from his father back in 1969, and boy, did he run with it. It wasn’t just about cardboard boxes, though; Pratt was a bit of a mover and shaker, even dabbling in acting early on before dedicating himself to the family business.

Visy Board, under Richard’s leadership, became a massive player. It’s not just a local success story either; the company grew into a global force in packaging and recycling. His son, Anthony, has continued this legacy, expanding the empire even further. It’s pretty wild to think how a company that started with humble beginnings could become such a powerhouse.

Here’s a quick look at the growth trajectory:

• 1957: Richard Pratt returns to Australia to join Visy Board.
• 1969: Takes over leadership of the company.
• 2021: Family fortune, largely built on Visy, is estimated to be over $20 billion.

The sheer scale of Visy’s operations is something else. They’re involved in everything from paper and packaging to recycling, making them a pretty significant part of the industrial landscape, not just in Australia but worldwide. It’s a real testament to the vision and hard work that went into building it up over the decades.

6. Dick Dusseldorp’s Lendlease

Dick Dusseldorp, a Dutch immigrant who’d seen the worst of war, landed in Australia with a vision. He started Lendlease back in 1958, and it wasn’t long before the company was involved in some pretty massive projects. Think the Snowy Hydro scheme – a huge undertaking that really helped shape the country’s infrastructure. They also had a hand in building the iconic Sydney Opera House, which is pretty wild when you think about it.

Lendlease really became a name synonymous with big construction and development. They weren’t just building things; they were shaping skylines and creating spaces. Dusseldorp himself was a bit of a character, known for his drive and ambition.

• Founded Lendlease in 1958.
• Involved in major infrastructure projects like the Snowy Hydro.
• Contributed to iconic structures such as the Sydney Opera House.

The company’s early success was built on tackling complex engineering challenges and delivering large-scale projects that had a lasting impact on Australia’s development. Dusseldorp’s personal journey from hardship to building a major enterprise is a compelling part of the story.

Dusseldorp’s own experiences, escaping a Nazi forced labour camp, clearly fuelled a determination to build and create. It’s a story of resilience and ambition, turning a challenging past into a future of significant achievement in Australian business.

7. Lang Hancock’s Pilbara Discovery

You know, sometimes it feels like Australia’s wealth is just sitting there, waiting to be found. And that’s exactly what happened with Lang Hancock. Back in 1952, he was flying over the Pilbara region in Western Australia, a bit of a rough flight thanks to a storm. But as he was flying low, he noticed something. The wet rocks in the gorges looked incredibly red, and he realised it was oxidised iron. This chance observation sparked a massive iron ore export industry.

It’s pretty wild to think that a storm could lead to something so huge. This discovery wasn’t just a small find; it became the foundation for what would eventually make his daughter, Gina Rinehart, one of the richest people in Australia. It really changed the game for the country’s economy, moving beyond things like wool to become a major player in global resources.

Here’s a bit of a breakdown of how significant this was:

• The sheer scale of the iron ore reserves found in the Pilbara was immense, dwarfing many other known deposits globally.
• This discovery directly led to the development of major mining operations and infrastructure, like the Hamersley Iron facility.
• It paved the way for Australia to become a dominant force in the global iron ore market, especially with demand from countries like Japan.

The impact of Hancock’s discovery can’t be overstated. It wasn’t just about finding ore; it was about seeing the potential and having the drive to build an industry from it. This single event reshaped parts of Western Australia and significantly boosted the national economy for decades.

It’s a classic story of spotting an opportunity where others might have just seen rocks. And it really set the stage for the resources boom that Australia would experience later on.

8. Kerry Stokes’ Media and Property Ventures

Kerry Stokes, a name synonymous with Australian media, has built a considerable fortune that extends well beyond the television screens and newspapers he controls. While his ownership of Seven West Media is perhaps his most public face, Stokes’ early success was actually forged in the property development game back in the 1960s and 70s. He had a knack for spotting trends, like the move towards suburban living, and capitalised on it by listing a shopping centre company on the Perth stock exchange in 1971. This early property groundwork provided a solid foundation for his later media empire.

His ventures have always been diverse, showing a keen eye for opportunity across different sectors. It’s not just about owning media assets; it’s about understanding how they fit into a broader business landscape. Leaked correspondence from Seven West Media board members has, at times, offered glimpses into the internal workings and opinions surrounding key figures like Stokes and his network.

Stokes’ wealth, estimated at $7.18 billion on the 2021 Rich List, is a testament to his long-term vision and ability to adapt. His journey from installing TV aerials to becoming a media mogul is a classic Australian success story, though not without its complexities.

Key aspects of his business approach include:

• Early property development: Identifying and capitalising on suburban growth.
• Media ownership: Building a significant presence in television and print.
• Diversification: Expanding into various sectors beyond his core media holdings.
• Strategic investments: Making calculated moves to grow his wealth over decades.

The sheer scale of his influence, particularly through Seven West Media, means his business decisions often have a ripple effect across the Australian media landscape. He’s a figure who has consistently shaped conversations and industries for decades.

Stokes’ continued presence on the Rich List highlights his enduring impact on Australian business. His ability to navigate changing economic tides and maintain a strong position in both media and property is quite remarkable, demonstrating a business acumen that has stood the test of time.

9. Anthony Pratt’s Global Packaging

Anthony Pratt really took the family business, Visy, and ran with it, turning it into a massive global packaging operation. His dad, Richard Pratt, built a solid foundation, but Anthony? He took it to a whole new level. We’re talking about a fortune that’s well over $20 billion, making him a serious player on the Rich List.

Visy isn’t just about cardboard boxes anymore. They’re involved in recycling, plastics, and all sorts of packaging solutions that businesses worldwide rely on. It’s pretty impressive how they’ve managed to expand so much, especially with all the competition out there.

Here’s a quick look at how the Pratt family’s wealth has grown:

• Richard Pratt: Took over Visy Board in 1969, expanding it significantly.
• Anthony Pratt: Inherited the business and transformed it into a global packaging giant.
• Visy’s Reach: Operations now span across Australia, the US, Asia, and South America.

It’s a classic story of building on a legacy, but Anthony has definitely put his own stamp on it. He’s not just resting on his laurels; he’s constantly looking for new ways to grow and innovate in the packaging world.

The sheer scale of Visy’s operations means they touch a lot of different industries. From food and beverage to manufacturing, their products are everywhere, often without us even realising it. It’s a testament to smart business strategy and a deep understanding of market needs.

10. Andrew Forrest’s Fortescue Metals Group

Andrew "Twiggy" Forrest really shook things up in the Australian resources scene. After a bit of a rough patch with Anaconda Nickel, he decided to go it alone and build something big in iron ore. He faced a lot of doubt from local investors, which is pretty common when you’re trying to do something ambitious here. So, he headed overseas, managed to pull in billions in debt, and set out to create what he called "Australia’s third force" in the iron ore game.

It wasn’t an easy road, mind you. Building a massive mining operation from scratch takes a serious amount of grit and a whole lot of cash. But Forrest, he just kept pushing.

Here’s a bit of a look at how Fortescue Metals Group grew:

• Founding: Established in 2003, initially facing scepticism.
• Funding: Secured significant debt financing from international markets.
• Expansion: Developed the Chichester Hub and later the Solomon Hub in the Pilbara region.
• Growth: Became a major player, challenging established giants like BHP and Rio Tinto.

By 2008, he was already one of the wealthiest blokes in the country. It just goes to show what can happen when you’ve got a big idea and the determination to see it through, even when everyone else is telling you it won’t work.

The sheer scale of the Pilbara iron ore deposits meant that with the right investment and management, a new major player could indeed emerge. It wasn’t just about having the resources; it was about the vision and the execution to bring them to market effectively.

11. Gail Kelly’s Banking Leadership

Gail Kelly’s rise through the ranks of Australian banking was pretty remarkable, especially back in the day. She started out as a Latin teacher, can you believe it? Then, she made history in August 2007, becoming the first woman to head up one of the big four banks when she took the top job at Westpac.

It wasn’t just a symbolic win, though. She was at the helm for seven years, and when she left, over 40 per cent of the senior management team were women. Plus, she was pulling in the highest salary for a banker in the country at the time.

Kelly often talked about how important it was for women to be bold in business. She admitted herself that she’d always battled that nagging voice saying, ‘I’m not good enough’ or ‘What if I fail?’.

Her leadership style seemed to focus on building a strong team and encouraging people to step up. It was a different approach for the time, for sure.

The banking world back then was a pretty male-dominated space, and Gail Kelly really broke through some serious barriers. Her success showed that leadership wasn’t just about gender, but about capability and vision.

Here’s a quick look at some key milestones during her tenure:

• 2007: Appointed CEO of Westpac, making history as the first female CEO of a major Australian bank.
• 2010-2014: Focused on integrating St.George Bank and Bank of Melbourne following their acquisition, a massive undertaking.
• 2014: Left Westpac, having significantly increased female representation in senior roles and boosted the bank’s performance.

12. Shemara Wikramanayake’s Macquarie Group

Macquarie Group, under the leadership of Shemara Wikramanayake, has really cemented its place as a major player, not just here in Australia but on the global stage too. It’s pretty wild to think that this company, which started out with just a handful of people back in 1969 as Hill Samuel Australia, has grown into this massive international outfit.

Wikramanayake took the reins as CEO in 2018, and since then, Macquarie has kept chugging along, posting profits year after year. They’ve got their fingers in a lot of pies – think infrastructure, energy, commodities, and financial services. It’s this diversification that seems to be their secret sauce.

• Global Reach: Macquarie operates in 28 countries, showing just how far they’ve come from their Sydney origins.
• Consistent Profitability: They’ve managed 54 years of unbroken profits, which is a pretty impressive feat in the often-turbulent world of finance.
• Offshore Earnings: A significant chunk, around 68 per cent, of their profits are generated outside of Australia, highlighting their international success.

It’s interesting to see how a company that started in the financial services sector has expanded so broadly. They’ve really adapted to changing economic landscapes, from those early mining booms to the tech-driven world we see today.

The ability of Macquarie to consistently adapt and find new avenues for growth, even through economic ups and downs, is a testament to its strategic planning and execution. It’s not just about making money; it’s about building a resilient business that can weather different storms.

Shemara Wikramanayake herself has been with Macquarie for a long time, working her way up. Her leadership seems to be a big part of why the group continues to be so successful. It’s a story of steady growth and smart moves in the financial world.

13. The End of Fairfax

Well, 2018 was a pretty big year for Australian media, and not necessarily in a good way for some of the old guard. We saw the end of an era when Fairfax Media, a name that had been around for ages, basically merged with Nine Entertainment. It was a bit of a shocker, honestly. This wasn’t just some small business deal; it was the combining of two massive media players, and the Fairfax name, which had been a fixture in Australian newspapers for nearly 150 years, just… disappeared from the company title. The new entity took the Nine name, signalling a big shift in the media landscape.

It’s kind of wild to think about. For so long, Fairfax was synonymous with newspapers, with reporting, with being a major voice in the country. Now, it’s just part of history, absorbed into a bigger, different company. It makes you wonder what that means for the future of news and how we get our information.

The media industry is always changing, and this merger was a huge moment. It showed how tough it is for traditional media companies to keep up with everything going on.

This whole thing really got people talking about the future of journalism in Australia. It wasn’t just about who owned what; it was about what it meant for jobs, for the stories that get told, and for the influence these companies have. It felt like a real turning point, and for those who grew up reading Fairfax papers, it was definitely the end of an era.

14. Morrison’s Prime Ministerial Victory

Well, Scott Morrison snagging the top job in August 2018 was a bit of a shocker, wasn’t it? It wasn’t exactly a planned handover; he ended up Prime Minister after a bit of a Liberal party room spill. Talk about a political boilover!

He managed to hang on and then, a year later, pulled off what many are calling a "miracle" win in the 2019 federal election. It was a result that had a lot of pundits scratching their heads, especially after a period where Australia had seen quite a bit of prime ministerial musical chairs.

This victory really cemented his position, at least for a while, and showed that sometimes the underdog can really come through. It was a pretty significant moment in recent Australian political history, proving that predictions aren’t always spot on.

The political landscape leading up to this was pretty turbulent, with a fair bit of back-and-forth. Morrison’s win was seen by many as a return to a more stable, albeit conservative, path after a period of considerable change at the top.

Here’s a quick look at how things played out:

• August 2018: Morrison becomes Australia’s 30th Prime Minister.
• May 2019: Morrison leads the Liberal-National Coalition to an unexpected election victory.
• Post-election: Focus shifts to economic policy and managing the government’s agenda.

It really was a case of "the people have spoken," and Morrison managed to capture the mood of the electorate at that particular time, defying many expectations.

15. Josh Frydenberg’s Economic Policies

Josh Frydenberg, as Treasurer, really had his hands full steering the Australian economy through some pretty choppy waters. He was in charge during a time when the government was looking at significant tax cuts and spending boosts, trying to get things moving again after a tough patch.

His approach often involved a mix of fiscal stimulus and attempts at reform, though not all of it landed perfectly.

Here’s a bit of a look at some of the key areas:

• Taxation: There were big announcements about tax cuts, aiming to put more money back into people’s pockets and encourage spending. The idea was to stimulate the economy from the ground up.
• Government Spending: Alongside tax cuts, there was a notable increase in government spending on various initiatives. This was often framed as a necessary response to economic challenges.
• Budget Management: Frydenberg’s tenure also saw efforts to manage the national budget, balancing the need for stimulus with longer-term fiscal responsibility. This was a constant juggling act.

The economic landscape during his time as Treasurer was complex, marked by global events and domestic pressures. Decisions made had to consider immediate needs while also looking ahead to the nation’s financial health. It was a period that demanded careful economic navigation.

While the exact impact of these policies is debated, they certainly shaped the economic conversation during his time in office.

16. AMP’s #MeToo Moment

Well, 2020 wasn’t exactly a smooth ride for AMP, was it? This old-school financial giant, the Australian Mutual Provident Society, which started way back in 1849, really copped it. In August, the whole #MeToo thing hit them hard.

The chairman, David Murray, along with director John Fraser and banker Boe Pahari, all stepped down. This wasn’t just a minor shake-up; it was a pretty clear signal that workplace harassment just isn’t on anymore, not in this day and age. It really put a spotlight on how some of Australia’s most respected institutions were handling these kinds of serious claims.

It’s a bit of a fall from grace for a company that, back in 1962, opened what was then Australia’s tallest building in Sydney. Things have certainly changed since then, and AMP’s stumble really highlighted that shift in corporate accountability.

• Leadership Exodus: Key figures resigned following a sexual harassment claim.
• Reputational Damage: The incident tarnished the image of a long-standing financial institution.
• Workplace Culture Scrutiny: It brought broader attention to how companies address harassment.

The fallout from these events really underscored a changing attitude towards workplace conduct. What might have been overlooked or downplayed in the past was now front and centre, demanding serious attention and consequences.

17. The Triumph of ‘Team Australia’

Remember when everyone was talking about ‘Team Australia’? It was this big push, especially around the time of the America’s Cup win back in the day, to get everyone feeling like we were all in it together. It wasn’t just about sports, though; it was about a national spirit, a feeling that we could achieve big things if we worked as one.

This idea popped up a lot in business and politics. It was like a rallying cry, suggesting that Australians, when united, could really make a mark on the world stage. Think about how we celebrate our athletes or how certain industries get a boost – it’s that same ‘us against the world’ vibe.

It’s interesting to see how this concept played out over the years. It wasn’t always smooth sailing, of course. There were plenty of ups and downs, but the idea of a collective Australian effort kept coming back.

The notion of ‘Team Australia’ often surfaces during times of national pride or when facing significant challenges. It taps into a desire for unity and shared purpose, aiming to harness collective energy towards common goals, whether in sport, business, or overcoming economic hurdles.

This spirit was visible in a few key areas:

• Economic Reforms: Governments have often tried to foster this sense of national unity to push through big economic changes, like floating the dollar or introducing new taxes. The idea was that everyone would benefit in the long run.
• Major Projects: Whether it was building big infrastructure or developing our natural resources, the ‘Team Australia’ approach was often invoked to get public backing and encourage investment.
• International Competitions: From sailing to cricket, sporting victories have frequently been framed as triumphs for the entire nation, reinforcing that sense of shared identity and success.

It’s a concept that ebbs and flows, but the underlying sentiment – that Australians can achieve great things when they pull together – has been a recurring theme in our recent history.

18. The Dotcom Bubble Burst

Remember the late 90s? It felt like everyone and their dog was starting an internet company. The hype was huge, and money was flowing like water. Companies with little more than a website and a dream were getting massive valuations. It was a wild time, and honestly, a bit of a gold rush.

Then, around March 2000, it all came crashing down. The dotcom bubble burst, and poof! Trillions of dollars in market value just vanished. It wasn’t just a little wobble; it was a massive correction that dragged the US economy into a recession. For Australia, it wasn’t quite the same story, but the impact was definitely felt. Many of those flashy tech companies that listed on the ASX in 1999? Well, only a handful were still around a few years later.

Here’s a snapshot of what happened:

• Massive Market Correction: The NASDAQ index, which was full of tech stocks, plummeted.
• Company Failures: Numerous dotcom businesses went belly-up, unable to sustain their operations without constant new investment.
• Investor Losses: Many people lost a significant chunk of their savings that they’d poured into these speculative stocks.

The speculative frenzy of the dotcom era was a stark reminder that not all that glitters is gold. While the internet has obviously changed the world, the initial rush saw a lot of money chasing ideas without solid business plans.

Unlike the dotcom boom, today’s investments in areas like AI seem to be built on more solid ground, with actual revenue and profits backing them. It’s a different ballgame now, and thankfully, we’re not seeing a repeat of that particular financial hangover. The market seems a bit more sensible these days, focusing on real value rather than just potential. It’s a good thing we learned some lessons from that period, especially when it comes to understanding market corrections.

19. HIH and One.Tel Collapses

Crikey, 2001 was a rough year for some of Australia’s big companies. We saw two massive collapses that really shook things up: HIH Insurance and One.Tel. HIH went belly-up in March, leaving a whopping $5.3 billion in debt. This wasn’t just a small hiccup; it led to a royal commission that completely changed how we regulate superannuation, banking, insurance, and the stock market. It was a real wake-up call for corporate governance in this country.

Then, just a few months later, the spectacular failure of One.Tel happened, dragging down two pretty well-known families with it. It was a pretty shocking turn of events, showing that even established businesses could fall over spectacularly.

Here’s a quick look at the fallout:

• HIH Insurance:
  • Debts: $5.3 billion
  • Impact: Led to a royal commission and major regulatory changes.
• One.Tel:
  • Impact: Significant financial losses and reputational damage for those involved.

These failures weren’t just about the companies themselves; they highlighted serious issues in how businesses were being run and regulated. It was a tough period that forced a serious rethink of financial oversight in Australia.

20. September 11 Attacks

The events of September 11, 2001, sent shockwaves across the globe, and Australia was no exception. While not directly targeted, the attacks on the World Trade Centre and the Pentagon had immediate and lasting impacts on our nation’s security, foreign policy, and even our economy. Prime Minister John Howard’s decision to invoke the ANZUS treaty for the first time was a significant moment, signalling Australia’s commitment to the global fight against terrorism and leading to our involvement in conflicts that would span many years.

The immediate aftermath saw a heightened sense of global unease. The financial markets, already a bit wobbly after the dot-com bubble burst earlier that year, experienced further volatility. Travel industries, in particular, felt the pinch as security measures tightened and people became more hesitant to fly.

The sheer scale of the destruction and loss of life was something few could have predicted, fundamentally altering the global landscape and Australia’s place within it.

Here’s a look at some of the immediate consequences:

• Heightened Security Measures: Airports and public spaces saw a significant increase in security protocols.
• Shift in Foreign Policy: Australia became a more active participant in international security efforts.
• Economic Ripples: Global markets reacted, impacting trade and investment.

This period marked a turning point, influencing international relations and domestic security policies for years to come. It’s a stark reminder of how interconnected the world is and how events far away can have profound effects right here at home. The long-term implications of these attacks continue to be felt, shaping discussions around national security and international cooperation, and it’s worth remembering the significant cyber incidents that have occurred since 2006.

21. The Keating Government’s Reforms

The Paul Keating era in Australian politics was a period of significant economic restructuring. His government really pushed for some big changes, especially when it came to how we save for the future and how businesses operate. It wasn’t always smooth sailing, mind you, but the impact is still felt today.

One of the most talked-about reforms was the introduction of compulsory superannuation back in 1992. This was a game-changer for capital markets in Australia, creating a massive pool of money that’s now a huge part of our economy. The idea was simple: get more people saving for retirement, and in turn, build up a substantial source of investment funds for the country.

Here’s a quick look at some key reforms:

• Compulsory Superannuation (1992): Mandated contributions to retirement funds for most workers.
• Prices and Incomes Accord: Agreements with unions to moderate wage demands in exchange for social wage improvements, helping to control inflation.
• Privatisation of State Assets: While not solely a Keating initiative, his government continued the trend of selling off government-owned businesses.

The economic landscape shifted quite a bit during this time. There was a real push to modernise the economy and make it more competitive on the global stage. Some of these moves were pretty bold and definitely stirred up debate, but they laid some groundwork for what was to come.

Beyond superannuation, the government also grappled with inflation and wages through the Prices and Incomes Accord. This was a complex arrangement between the Labor government and the Australian Council of Trade Unions (ACTU). Unions agreed to keep wage demands in check, and in return, the government promised to improve the ‘social wage’ through things like tax cuts and increased social spending. It was an attempt to get inflation under control after the tough recession of the early 90s, and it did help bring down the average inflation rate.

22. Jeff Kennett’s Premiership

Victoria was in a bit of a pickle back in October 1992. Things were pretty grim, and that’s when Jeff Kennett got elected as Premier. He was known for being pretty determined, some might say a bit of a bulldozer. For the next eight years, Kennett really shook things up in Victoria. He was all about getting things done, and he wasn’t shy about making big decisions.

His approach was pretty direct. He focused on selling off government-owned businesses and getting major projects off the ground. It was a real shake-up for the state.

• Privatisation of essential services: Kennett’s government sold off a bunch of state-owned assets.
• Major infrastructure projects: He pushed ahead with significant building and development plans.
• Economic reform: The aim was to make Victoria more dynamic and competitive.

Some reckon that while his methods were certainly forceful, Victoria ended up being a better place because of his time in charge. It certainly made the state feel more alive, that’s for sure.

His tenure definitely left a mark on Victoria’s economic landscape. It wasn’t always smooth sailing, but he certainly wasn’t afraid to make changes.

23. The Sale of Commonwealth Assets

Remember when the government used to own a bunch of stuff? Yeah, well, that changed quite a bit, especially in the 90s. We’re talking about selling off big chunks of what was once ours, like the Commonwealth Bank, Qantas, and later on, Telstra. It was a massive shift, kicking off a wave of privatisations that reshaped the Australian economic landscape.

It all really got going in 1991 with the Commonwealth Bank float. Suddenly, heaps of everyday Aussies were getting a piece of the action on the stock market, and the ASX had its busiest day since that big crash in ’87. This wasn’t just a one-off; it was the start of a trend that saw billions of dollars worth of government-owned businesses go private.

Here’s a quick look at some of the big ones:

• Commonwealth Bank: First cab off the rank in 1991.
• Qantas: The national airline followed in 1995.
• Telstra: The telecommunications giant was sold off in 1997.

These sales weren’t just about raising cash. The idea was that these companies would be run more efficiently and competitively in the private sector. Some people thought it was a brilliant move, leading to better services and more investment. Others worried about losing control of important national assets and the potential for job losses or price hikes.

The sheer scale of these sales meant that for many Australians, their direct relationship with government-owned services changed dramatically. It was a period of significant economic restructuring, with lasting impacts on how we access everything from banking to phone services.

24. Kerry Packer’s Tax Minimisation

Remember when Kerry Packer, the media mogul and arguably the richest bloke in Australia back in the day, fronted a Senate inquiry in 1991? He dropped a bit of a bombshell, saying, “Of course, I am minimising my tax. Anybody in this country who does not minimise his tax wants his head read.”

It was a pretty bold statement, and it really got people talking. Packer wasn’t exactly shy about admitting he was looking for ways to pay less tax, and he wasn’t apologising for it. He basically argued that if the government wasn’t spending the money wisely, why should he hand over more than he had to?

This whole saga highlights a few things about how the super-rich operate and how tax laws can be navigated. It’s not about saying he was doing anything illegal, but it certainly shone a light on the strategies wealthy individuals and companies use to manage their tax liabilities.

Here’s a bit of a breakdown of what that period was like:

• The Economic Climate: The early 90s in Australia were a bit rough. We’d seen the tail end of the 80s boom, and things were starting to tighten up. Companies were looking at every angle to save money.
• Packer’s Empire: At the time, Packer controlled a massive media empire, including Channel Nine. These businesses generated a lot of revenue, and with that comes significant tax obligations.
• Tax Minimisation vs. Evasion: It’s a fine line, and Packer’s comment really brought that into focus. Minimisation is about using legal means to reduce your tax bill, while evasion is outright illegal. He was clearly in the minimisation camp, but his bluntness made it a public debate.

Packer’s stance, while controversial, reflected a broader sentiment among some business leaders about the efficiency of government spending and the perceived burden of taxation. It sparked conversations that continue to this day about fairness and the responsibilities of both individuals and corporations in contributing to public revenue.

25. The Uluru Statement from the Heart and more

Right, so, let’s talk about the Uluru Statement from the Heart. It’s a pretty significant thing that came out of a big meeting of Indigenous leaders back in 2017. Basically, they put forward this idea, a call for a First Nations voice to be written into our Constitution. The whole point was to give Indigenous people a proper say in how things that affect them are decided. It’s about empowerment, you know, letting them have a bit more control over their own futures and making sure their culture is recognised and respected.

The statement itself is a powerful piece of writing, asking for a voice to Parliament, not just a voice in Parliament. It’s a subtle but important distinction, aiming for genuine influence rather than just being heard.

It’s not just about a voice, though. The statement also talks about treaty and truth-telling. These are big concepts, and they’ve sparked a lot of discussion across the country. It’s a complex issue, and people have different views, but the core idea is about reconciliation and creating a more just Australia.

Here’s a bit of a breakdown of what it’s all about:

• A Voice to Parliament: This is the main ask – a constitutionally recognised body to advise on laws and policies affecting Aboriginal and Torres Strait Islander peoples.
• Treaty: The statement calls for a process to establish agreements between the government and First Nations peoples.
• Truth-Telling: It highlights the need to acknowledge and understand the history and ongoing impacts of colonisation.

It’s a long road, and there’s still a lot of debate about how to best move forward. But the Uluru Statement from the Heart remains a really important marker in the conversation about Indigenous rights and recognition in Australia.

So, What’s the Takeaway?

Looking back at the 2021 Rich List, it’s pretty clear that Australia’s wealthy landscape is always shifting. We saw tech continue its big push, with companies like Canva and Afterpay really making waves and showing how much the digital world matters now. Of course, the old guard in mining and resources are still doing their thing, proving that some industries just keep on giving. It’s a mix of new ideas and established players, really. What’s interesting is how much the world changed around these fortunes – think about the pandemic and how it shook things up. It just goes to show that making a buck isn’t just about having a good idea, but also about adapting when things get tough. It’ll be fascinating to see who’s on the list next year and what stories they bring with them.

Frequently Asked Questions

Who were the richest Aussies in 2021?

The 2021 Rich List featured some familiar faces and some new stars! Think tech wizards like the founders of Afterpay and Canva, mining moguls like Gina Rinehart and Andrew Forrest, and business families like the Pratts. It really showed how diverse Australia’s wealth is, from old industries to brand new digital businesses.

What made Afterpay so successful?

Afterpay became super popular because it let people buy things now and pay later in easy instalments. It was a hit, especially with younger folks. This simple idea turned into a massive company, so big it was bought by another global business for a huge amount of money!

How did Gina Rinehart and Andrew Forrest make their fortunes?

Both Gina Rinehart and Andrew Forrest made their fortunes in iron ore mining. Gina inherited and expanded her father Lang Hancock’s business in the Pilbara region, while Andrew Forrest built his own massive company, Fortescue Metals Group. They tapped into Australia’s rich natural resources.

What’s the deal with Canva and Atlassian on the Rich List?

Canva, started by Melanie Perkins and Cliff Obrecht, made it easy for anyone to create designs. Atlassian, founded by Mike Cannon-Brookes and Scott Farquhar, created software for businesses. Both companies show how powerful technology and online businesses have become, creating massive wealth for their founders.

Were there any big business scandals in 2021?

The year wasn’t without its drama. AMP, a big financial company, had a tough time with resignations due to sexual harassment claims, showing that workplaces are changing. Also, the collapses of HIH Insurance and One.Tel a bit earlier had lasting effects on how companies are run.

What does ‘Team Australia’ mean in the context of the Rich List?

‘Team Australia’ was a term used to describe how well the country bounced back from the tough times of the pandemic. The Rich List reflected this, with many businesses and individuals doing really well, showing resilience and success even after a big economic dip.