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The latest national accounts showed that the share of national income going to profits hit an all-time high in the June quarter, whereas the share going to workers is at an all-time low:
Yet, economists at the Reserve Bank of Australia (RBA) claim that Australian workers are doing just fine because profits are being skewed by the mining sector:
After hovering largely between 50 per cent and 60 per cent for the past half century, wages as a share of national income dipped below the halfway mark for the first time in the past two years.
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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.