Profits continue to soar ahead of wages
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.