COMPANY PROFITS SOAR AS WAGES STAGNATE UNDER MORRISON

Under the Abbott-Turnbull-Morrison government company profits are soaring, and yet wages are stagnating as Australians struggle to keep up with living costs. 

According to the latest Australian Bureau of Statistics (ABS) business indicators data, company profits are growing at a rate of more than five times that of wages.

 

Company profits rose 2.0 per cent in the June quarter to be up 11.4 per cent over the year. This compares with the Wage Price Index which shows wages growth at around record lows of 2.1 per cent.

 

With overall wages growth on par with inflation, real wages continue to stagnate – and Australian workers are struggling to keep up with the cost of living.  

 

As Treasurer and now Prime Minister Scott Morrison has presided over the lowest wages growth since records began, and yet he wants to further cut the wages of hard working Australians by getting rid of their penalty rates. 

 

This Government doesn’t have a single policy to grow wages and reduce inequality. 

 

Instead, they support cuts to wages through slashing penalty rates, argue against increasing the minimum wage, and focus all their energy on advocating for a $17 billion tax handout for the big banks.

 

Australians deserve a pay rise – and they aren’t getting one under Scott Morrison and his Liberals.