Real wages are shrinking as profits are soaring. But are most businesses really raking it in?

 The government's jobs and skills summit is less than a fortnight away but there is still intense disagreement over exactly what problems actually exist in Australia's labour market.

Unions and progressive think tanks have pointed to the decade-long stagnation and recent collapse in real wages as the key concern.

Real wages are measured by looking at workers' increase in pay minus inflation, otherwise known as the rising cost of living.

With inflation (as measured by the Consumer Price Index) surging and pay packets (as measured by the Wage Price Index) not keeping pace, over the past year the average worker has seen their standard of living fall substantially.

Read More: https://www.abc.net.au/news/2022-08-22/wages-versus-profits-as-inflation-soars/101350882



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