Wages Down. Profits Up - Australian Fabians

Wages down. Profits up.

Wednesday - 03 August, 2022 - 07:30 PM

Online - Zoom link via RSVP - Victoria, Australia

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Real wages in Australia have been stagnant for many years, and now they are falling.

Between 2013 and 2020, wage growth in Australia was lower than at any time since the Great Depression. In 2021, real wages went down by 0.3% and, with surging inflation, the forecast for 2022 is further decline.

While wage growth has declined in most industrialised economies, wage stagnation in Australia stands out. In recent years, wage growth in Australia has been less than half the OECD average. That is despite Australia’s exceptional thirty consecutive years of economic growth.

So, where did the fruits of our economic growth end up?  Well … they ended up going to capital owners, in profits. In fact, the share of Australia’s GDP going to workers has declined steadily since 1979.

What has caused the decline in workers' share of Australia’s economic pie? What is holding back wage growth? What can be done to fix this situation?

Greg Jericho is the Policy Director, Labour Market and Fiscal for the Centre for Future Work. He has a PhD in English Literature from James Cook University, and an Honours Degree in Economics from Flinders University.

Greg writes a weekly column on economics and politics for Guardian Australia – a position he has held since 2013. In 2016 he won the Walkley Award for Commentary, Analysis, Opinion & Critique, and in 2018 he was a Walkley Award finalist with Gareth Hutchens for their report on the crisis of wages in Australia in the Best Industrial Reporting category.

Anthony Forsyth is a Distinguished Professor in the Graduate School of Business and Law at RMIT University. Anthony e-teaches and researches on all aspects of work and the law, specialising in collective bargaining, the regulation of trade unions, labour hire and worker exploitation.

Anthony is President of the Australian Labour Law Association and in 2015-16 was Chair of the "Victorian Government Inquiry into the Labour Hire Industry & Insecure Work". His book: The Future of Unions and Worker Representation: The Digital Picket Line was published in February 2022.

 

 

Who’s going

Don Sutherland Don Sutherland Paul Doughty Darren Quinn Naomi Thompson Jamie Gardiner Claire Moore Allan Thomas Roger Byrne Casey Thompson Rupert (John) Kilcullen Sandra Martain Alex Tewes Peter Grant Tim Davis Francis Breen Lesley Osborne Helen Politis Chris Warren Nick Mowbray Patricia Frick Leonard Smith Kevin Jones Ian Atkinson Christopher Firmstone Margaret Nowak Richard Walker Stella De Vulder Peter Siegl Franklin Stilwell Mert Kul Cam MacRae John Nightingale Stephen Secomb Caroline Blakers Caroline Blakers Geoffrey Fairclough Sarina Greco Paul cantrall Leon Zembekis Kate Incerti Angela Briant Sally Trevena Trevena Greig Taylor Tanya Carroll Henry Booth Michael McCarthy Anthony Beaty

Who's RSVPing

Don Sutherland
Don Sutherland
Paul Doughty
Darren Quinn
Naomi Thompson
Jamie Gardiner
Claire Moore
Allan Thomas
Roger Byrne
Casey Thompson
Rupert (John) Kilcullen
Sandra Martain
Alex Tewes
Peter Grant
Tim Davis
Francis Breen
Lesley Osborne
Helen Politis
Chris Warren
Nick Mowbray
Patricia Frick
Leonard Smith
Kevin Jones
Ian Atkinson
Christopher Firmstone
Margaret Nowak
Richard Walker
Stella De Vulder
Peter Siegl

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