Feel like your pay packet isn’t going as far as it used to? You’re not imagining things. New figures confirm what we all feel. Living costs are definitely outstripping household incomes.
In fact, over the past three years living costs were 2.9% higher than incomes. This is mostly due to the fact that we haven’t had any real pay rises.
Despite going almost 30 years without a national recession, we have what they call an ‘income recession’, a nicer way of saying that our wages are going backwards.
The Australian Council of Trade Unions have given a picture of the situation in a new report.
They show that living standards for workers have nosedived since 2015. They are actually lower now than they were during the 1991-92 recession.
Overall, the wages share of the economy is close to a 50-year low, on par with the decline in the United States. But if you’re a boss you might not have noticed.
The past year was a strong one for company profits with gross operating profits going up by 9.6%!
While rolling in cash, the bosses have still somehow found time to warn that the sky will fall in if the industrial laws are changed and workers are given more bargaining power.
Despite the fact that we create the wealth, they say they couldn’t possibly part with an extra cent. To do so would mean going without some basics, like ultra-luxury cars.
Rolls-Royce report that they expect to sell more than 40 of their new model, the Cullinan, in Australia this year. Starting at $685,000 for a run-about, the all-wheel-drive V12 SUV is ideal for your average ASX200 CEO.
It’s small change when you make the equivalent of the median yearly wage of a worker every 4.6 days. And in those 4.6 days they don’t even have many long lunches!
Some say that’s just how the system works. We say that if that’s how it works it should be replaced. Socialism for all, not just the rich!
By Socialist Party reporters