The latest Australian Bureau of Statistics Business Indicators for March 2018 show that company profits continue to climb, outstripping workers’ wages.
Company profits rose 5.9 per cent in the March quarter to be up 5.8 per cent over the year, nearly three times as much as wages growth (2.1 per cent).
Many Australians feel the economy is not working for them. Jobs are less secure and wages are less likely to be able to keep up with the cost of paying the bills.
The ABS business indicators show that while cost of living pressures are climbing for many Australians, quarterly increases in company profits were notable in the electricity, gas, water and waste, mining and construction industries.
Over the year, profits in the electricity, gas, water and waste industry are up by a massive 37.5 per cent.
Malcolm Turnbull and his Liberals have presided over record low wages growth and they have no plan to address this.
Their plans for Australians will only further erode wages growth through their support for cutting penalty rates and complete failure to address corporate gaming of the workplace relations system.
While Labor wants to give 10 million working Australians almost twice the tax cut that the Liberal's are offering, we will also protect penalty rates and properly fund education and hospitals.