Over the 12 months to the end of March 2021, wages rose by a dismal 0.72%. That’s according to recent data from the Australian Bureau of Statistics (ABS).
Well, naturally, it has been a disastrous year for everyone, we might say in response, and this is only to be expected. We would be wrong. The year to March was a superb year for Australia’s corporate profits, which the same source said soared 12.1%.
This bolsters claims by the Morrison government’s critics that its responses to the global pandemic have protected the big corporations more than the majority of Australians. The ABS has quantified the difference: 16 times more.