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Last week’s national accounts release for the December quarter posted a 0.4% quarter-on-quarter (5.7% year-on-year) rise in company profits, which hit a fresh record annual high of $590.3 billion:
Total compensation of employees also rose by 2.0% over the quarter, to be up 5.3% year-on-year.
Despite the narrowing over Q4, the divergence between workers and bosses since the pandemic began is stark and illustrated in the next chart:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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