Workers produce more, but get paid less. Business invests less in real capital, but their profits grow. Technology advances at breakneck pace, but so many jobs are degraded and menial (not to mention horribly paid). What gives? Australia's labour market truly seems "upside down."
Australia's manufacturing sector has been experiencing an important and welcome rebound during the last two years. The turnaround has been documented and analysed in previous Centre for Future Work research (including studies published in 2017 and 2018 as part of the National Manufacturing Summit, co-sponsored by the Centre).
Jim Stanford, Director of the Centre for Future Work, was recently featured in a new video produced in collaboration with United Voice and the Flip production company.
For the third consecutive quarter, the share of Australian GDP paid out in wages, salaries and superannuation contributions to workers has shrunk. Data for the September quarter of 2018, released by the Australian Bureau of Statistics on Wednesday, shows that labour compensation accounted for just 46.85% of total economic output – one of the lowest on record.
That represents the third consecutive quarterly decline in relative labour compensation.
THE WAGES CRISIS IN AUSTRALIA:
WHAT IT IS AND WHAT TO DO ABOUT IT
Edited by Andrew Stewart, Jim Stanford, and Tess Hardy (University of Adelaide Press)
Full text of open letter and list of signatories below.
Dear Premier and Ministers of the Government of Western Australia --
Unconventional oil and gas development in Western Australia should not go ahead under any circumstances.
The consequences of global warming are already extremely serious; including loss of human life, extreme weather, destruction of natural ecosystems and property damage.
Trade unionists are gathering this week at the ACTU's triennial Congress in Brisbane. Jim Stanford, Director of the Centre for Future Work, participated in a panel on the Future of Work (an apt title!) at the Congress.
His presentation was "5 Possibly Surprising Insights on the Future of Work".
More detail on the issues raised in his presentation is provided in the Centre's recent submission to the Senate Inquiry on the Future of Work and the Future of Workers.
Below you will find all research papers on company tax cuts produced by The Australia Institute to date [updated 25.06.18]
The big four banks get an extra $7.4 billion dollars:
Australia’s big four banks are some of the most profitable banks in the world and are the big winners here, getting an extra $7.4 billion dollars in the first 10 years of the tax cuts when they’re already making record profits. By the 2025–26 financial year, the tax cuts for the big four banks will be $3.2 billion every year.