Why are Wages Down and Profits Up? Part I

To go to Part 2:
• Why are Wages Down and...
Part 1 of 2 of an online event originally titled "Wages Down. Profits Up. Why is the workers’ share of the economic pie shrinking?" featuring guest speakers Greg Jericho, Policy Director, Labour Market and Fiscal for the Centre for Future Work and Anthony Forsyth, Distinguished Professor in the Graduate School of Business and Law at RMIT University. Hosted by the Victorian Branch of the Australian Fabians, on Wednesday 3 August 2022.
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Real wages in Australia have been stagnant for many years, but 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.
In fact, the share of Australia’s GDP going to workers has declined steadily since 1979.
What is holding back wage growth? What can be done to fix this situation? So, where did the fruits of our economic growth end up?
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.
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