Australian workers are worse off under the Morrison Government, despite growth in both the Gross Domestic Product (GDP) and corporate profits in the December quarter of last year, according to data released by the Australian Bureau of Statistics (ABS) today.
Australian wages went backwards in real terms across 2021, with inflation growing at 3.5 percent, while wages only grew by 2.3 percent.
As such, Australian workers have experienced the biggest cut in their wages for over 20 years. A worker on an average income of $68,000 saw their pay shrink in real terms, by $832 last year.
In contrast, the GDP grew by 3.4 percent. Corporate profits also surged by 13 percent in the same period.
Sally McManus, Secretary of Australian Unions, urged the Morrison Government to act on this wage stagnation crisis.
“These figures will be little comfort to working people who saw their wages go backwards in real terms,” McManus said.
“Workers need a fair share of the national prosperity they are creating. We need wage growth to put money in the hands of working people and create a strong, durable recovery from the pandemic.”
Unions across the country, including the NSW Nurses and Midwives’ Association, are currently fighting for fair wage growth, including above inflation wage rises.