Off the Charts // Economics
A picture tells a thousand words and Off the Charts is where you’ll find the charts and graphs that tell the most interesting stories. Across all the areas the Australia Institute covers, we give you the pictures that help you understand what is really going on in the world.
August 2023
The Intergenerational Report shows Australia’s population is ageing, but we need not panic
Australia’s population is set to age, but that does not mean we need to go without – we just need to be honest about paying for it.
The Intergenerational Report shows we need to talk about revenue
Australia not only is a low taxing nation, it now taxes less compared to the OECD than in the past – that will need to change if we are to provide the services Australians want.
The Intergenerational Report notes that productivity matters, but we also need to care as much about who benefits
The forecast of productivity growth in the Intergenerational Report is not all doom and gloom – but it will be if workers continue to receive less than their fair share of the benefits
. . .Good to see real wages no longer falling, but we have a long way to go
It is now 3 years since real wages have increased
Wage growth in Enterprise Agreements remains steady
The latest figures of wage growth in enterprise agreements show that wages continue to grow by much less than inflation
The latest latest inflation figures make it clear the RBA should not raise rates
The Reserve Bank should keep rates on hold as the biggest drivers of service prices will not be affected by interest rate rises.
July 2023
Workers Cause Inflation, but Owners Don’t?
Any time wages are increased business groups say it will fuel inflation, but they say nothing about the impact of their massive dividends
June 2023
The number of people working multiple jobs hits another record
For the sixth consecutive quarter a record number of people are working more than one job
OECD confirms that inflation has been mostly driven by corporate profits
In the debate over what is driving inflation – the OECD has looked at 15 nations across the world and found that in Australia and most other nations, the answer is profits
With the Budget predicting a bad year ahead the RBA should not raise rates next week
Whenever Australia’s GDP per capita has gone backwards through a year Australia has been in recession or nearly so. And right now the Budget expects that to happen in 2023-24.
May 2023
HECS/HELP debt for low income earners is set to increase due to indexation
The indexation of HECS/HELP debt this year will leave people earning less than $62,000 with a bigger debt even after their repayments.
As profits rise, workers continue to be the ones reducing inflation
While record company profits are dismissed as “short-term” workers continue to suffer ongoing falls in real wages
The RBA raised rates in March and May despite its own analysis saying they were not needed
The Reserve Bank’s own research showed that raising rates after February would only increase unemployment, not lower inflation
Wage growth under enterprise agreements shows no signs of driving inflation
Wages growth under enterprise agreements show that workers continue to be the ones doing it toughest during the period of high inflation
Surging mining sector profits are distorting Australia’s economy.
Profits in the mining sector are surging, but output is not – and the increased prices come at a cost to the rest of the economy
How the public is kept in the dark about what consultants tell the government
Less than 20% of consultants’ reports to government are published
Lower inflation but lower wages – the RBA predicts lower real wages
By the middle of 2025 the average wage will be worth less in real terms than it was a decade and half earlier
The latest enterprise agreements show public sector workers are being hurt by wage caps
Stronger wage growth in the private sector is good news, but public sector workers continue to be left behind
It’s not just mining – non-mining profits have also driven inflation
As the Reserve Bank continues to raise rates, it continues to misread the nature of inflation that is being driven largely by profits.
April 2023
Slow improvement in wages growth under enterprise agreements
Wages under enterprise agreements are slowly rising, but remain well below inflation
The Stage 3 tax cuts are so geared towards the rich that most workers will pay more tax in 2025 than they did in 2022
Losing the low-middle income tax offset and getting the Stage 3 tax cuts will leave most workers worse off
March 2023
Falling inflation growth should give the RBA pause
The latest monthly consumer price index figures show that inflation has peaked and is on the way down.
Ignore the fears from the gas industry, Australia has more than enough gas
Once again the gas industry is crying wolf and telling us we need more gas to prevent shortages. But if you read beyond the scare quotes today’s report from Australia’s Energy Market Operator report shows we already have more than enough gas.
December 2022
New data shows how important funding public services is for reducing inequality
Public services massively reduce inequality, but the Stage 3 tax cuts will make it much more difficult to fund them
The latest data shows the urgent need for more public housing
As approvals for public sector housing hit 2 year lows, the ambition for more public housing needs to be even greater than the government’s 20,000 in 5 years target.
November 2022
Stronger wages growth from enterprise agreements, strongest from unions
The latest wage rises from enterprise agreements show good improvement, but overall, workers continue to see their wages lag behind inflation
Business groups say they want higher wages, but their actions show the opposite
Business groups like the ACCI and AI Group say they want higher wages, but their recommendations for minimum wage rises show they rarely want real wages to rise
Not even the Liberal Party can defend the Stage 3 tax cut on its own merit
In defending the Stage 3 tax cuts in parliament, Angus Taylor inadvertently highlighted the real benefits for low-middle income earners comes from Stages 1 and 2.
Some small signs of better wage rises
The latest enterprise agreements figures show small signs of wage growth and once again the benefits of being in a union
Latest RBA estimates show real wages in 2023 will be where they were in 2008
Curated by
Off the Charts is curated by Greg Jericho, Chief Economist at the Australia Institute and the Centre for Future Work.
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