While the headline news of 3.4% GDP growth in the December quarter of 2021 might suggest the economy is bouncing back, Greg Jericho, Policy Director for the Centre for Future Work, has found that the national accounts reveal just how badly workers are missing out.
In the last three months of last year, households in NSW, Victoria and the ACT came out of lockdowns and spent money propelling almost all of the economy growth in the economy.
But while households are providing all the growth, workers are missing out on the rewards. The share of GDP going to employees hit a record low in 2021 and as government stimulus begins to be withdrawn the picture is not as optimistic as the (erratic) quarterly growth figures might suggest.
Please see Greg’s full commentary in The Guardian: “Don’t get too excited by Australia’s rebounding economy – it’s a distorted snapshot of the true picture.”
Between the Lines Newsletter
The biggest stories and the best analysis from the team at the Australia Institute, delivered to your inbox every fortnight.
You might also like
“Right to Disconnect” Essential as Devices Intrude Into Workers’ Lives
Australia’s Parliament is set to pass a new set of reforms to the Fair Work Act and other labour laws, that would enshrine certain protections for workers against being contacted or ordered to perform work outside of normal working hours. This “Right to Disconnect” is an important step in limiting the steady encroachment of work
More loopholes to close on insecure work … and a new right to disconnect from work
Late yesterday the final part 2 of the government’s Closing Loopholes industrial relations bill was passed by the Senate.
Fixing the work and care crisis means tackling insecure and unpredictable work
The Fair Work Commission is examining how to reduce insecurity and unpredictability in part-time and casual work to help employees better balance work and care. The Commission is reviewing modern awards that set out terms and conditions of employment for many working Australians to consider how workplace relations settings in awards impact on work and