The June quarter Business Indicators released today by the Bureau of Statistics show that over the past 12 months total corporate profits rose 28.5% while total wages paid rose just 6.8%.

While the growth in profits is affected by the vast increases in the mining industry, even excluding the mining sector shows non-mining profits growing from June 2021 to June 2022 by 9.4% compared to non-mining wages growth of 6.6%.

The latest figures are just yet more evidence that profits continue to outpace wages growth. Since March 2016 total profits have risen 157% while wages grew just 25%. Even excluding the mining sector, non-mining profits rose by 55% more than double the 25% increase in non-mining wages.