From Sally McManus, secretary of the Australian Council of Trade Unions
Looking forward to economists and others calling out company profits for driving inflation as businesses pass on price rises and gouge to pump up profits. Perhaps the RBA will call for a cap on profits? Or are workers to pay in price rises & wage cuts?
In real (inflation-adjusted) terms, wages in Australia have been stagnant for 10 years, even though real GDP has risen 30%. All the rise in GDP has gone to the top 10% and the top 1%. This pattern has been repeated in all the English-speaking countries where neo-liberalism and the Murdochcracy hold sway. [The chart shows nominal, i.e., not inflation-adjusted wages and profits]
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