Big business cries poor on wages even as profits mount – Pearls and Irritations

Businessman figurine looking at the growth of stacked coins. Saving money for finance accounting.

Because they are so low-paid, and mainly part-time, these people account for only about 11 per cent of the nation’s total wage bill. So, as the commission says, the pay rise ‘‘will make only a modest contribution to total wages growth in 2023-24 and will consequently not cause or contribute to any wage-spiral’’.

But that’s not the impression you’d get from all the wailing and gnashing of teeth by the main employer group, the Australian Chamber of Commerce and Industry. It claims ‘‘an arbitrary increase of this magnitude consigns Australia to high inflation, mounting interest rates and fewer jobs’’.

 

Source: Big business cries poor on wages even as profits mount – Pearls and Irritations