Today’s national accounts from the Australian Bureau of Statistics show that workers continue to receive less of the benefits of economic growth.
Over the year to September, corporate profits grew by over 7 per cent, six times faster than average compensation per employee, which only grew by 1.2 per cent,
Labour share of GDP is 0.3 percentage points lower than it was 12 months ago, to be 52.2 per cent in the September quarter, and the profits share of GPD climbed to 28.1 per cent.
The household saving rate dipped to 2.4 per cent, the lowest since 2007, due to subdued growth in disposable income.
As Treasurer and now Prime Minister Scott Morrison has presided over the lowest wages growth since records began, and yet he wants to further cut the wages of hard working Australians by cutting their penalty rates.
Under Scott Morrison and his Liberals many working Australians haven’t had a pay-rise for years, and are confronted with insecure work and are struggling to keep up with living costs.
This Government doesn’t have a single policy to grow wages and reduce inequality.
They are bereft of a plan to deal with the problems in today’s labour market – the flat wage growth, the proliferation of insecure work, and the relative impoverishment of low skilled workers.
Australians deserve a pay rise – and they aren’t getting one under Scott Morrison and his Liberals. While this government is busy fighting itself, everything is going up except for people’s wages.
Labor will never stop fighting for people’s pay and conditions – that’s why one of the first things we’ll do as a government is reverse the cuts to penalty rates.