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The Australian Institute (TAI) last week argued that Australia’s inflation was being driven by company profits, not wages.
“Workers are not to blame for rising inflation and interest rates and the RBA should stop blaming people who are doing it tough and start addressing the economic reality: profits are driving the cost-of-living and housing crises”, said Matt Grudnoff, Senior Economist at TAI.
“To blame workers for current inflation while they experience unprecedented real wage drops and companies post surging profits is economic gaslighting of the highest order”.
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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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