The latest figures reveal that the richest 1% of the population have an accumulated wealth higher than that of the bottom 60% of Australians.
Furthermore, the richest person alone owns more than the lowest 10% of the population combined (2.27 million people), while the nine richest individuals in the country have a net worth of US $54.8 billion, more than the bottom 20% (4.54 million people).
This trend mirrors the world where the wealth of the 67 richest match the poorer half of the world, according to Forbes.
The growing disparity between Australia's rich and poor has raised fears in communities, with a majority of the population believing that the trend led to a worsening quality of life.
Oxfam has called on the Australian Government to address the issue in the upcoming G20 summit, to be held in Brisbane later this year.
"It's about what role can Australia play in ensuring that gap doesn't grow so big that we have major problems globally in the future," chief executive of Oxfam Australia, Helen Szoke, said to The Guardian.
Despite the level of income inequality in Australia ranking below average among other wealthy OECD countries, the gap has continued to widen since the mid 1990's.
Other statistics in the report reveals that a large majority of Australians surveyed agree that the very wealthy don't pay enough tax and that Australian Government needs to take further action to close the income gap.