Experts say the rising cost of living is causing “growing anguish” among working people, while business profits and executive pay soars.

“There’s a sense of injustice and helplessness,” said Dober. “There’s a sense of injustice.” More information: Visit the website of the ACTU’s

Australian banks and other financial institutions have spent $6 billion in share buybacks this financial year, effectively transferring this money from customers to shareholders, reported The Guardian. This follows strong profit results that were locked in during late 2022 and early 2023, a period marked by high inflation, rising interest rates and steep price increases in everything from airfares to groceries and mortgages. According to the Australian Bureau of Statistics, retail trade profits surged by 25.6 per cent, and non-mining profits grew 15.7 per cent over the past 12 months.

Meanwhile, Carly Dober, a Melbourne psychologist who has made a submission to the ACTU inquiry into pricing practices led by Prof. Allan Fels, told The Guardian that rising rents, mortgages and other living costs were causing growing anguish among working Australians. She said the large profits and pay packets generated in parts of the economy exacerbated the problem. “When they see and read the stories about banks profiting billions, there’s a real sense of despair, rage.

Inquiry into price gouging and unfair pricing practices: https://pricegouginginquiry.actu.org.au/