Energy cartel Australia’s biggest tax dodger

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The latest national accounts showed that the energy cartel (gas and coal) is making war profits, with mining profits exceeding the profits of all other industries combined:

Mining profits

Source: ABS (via Alex Joiner)

In turn, the share of national income going to profits is tracking near an all-time high, whereas the share going to workers is near an all-time low:

Total factor income
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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.