ABC News: The economy is growing but workers are not getting the benefits
The ABC is reporting that this week’s National Accounts show the economy grew at a clip of 3.3 per cent over the past year.
However, businesses are reaping the benefits while workers’ wages are not keeping up. This is despite data showing that profit shares going into businesses have been increasing over the last decade.
Productivity growth has been the most commonly cited justification of flatlining wages, but growing productivity since 2020 should be reflected in an income that matches rising living costs. This is no currently the case. Wages have only faced a 2 per cent growth. This is less than both inflation and productivity.
The numbers don’t lie. Workers must get the fair pay packet they deserve.