The underlying gross domestic product trend shows the profit share is up to an historic high and the labour share is down. Since 1975, more than $4 trillion has been shifted from wages to profits. Paul Oboohov explains how it got to this.
Lee Wengraf’s Extracting Profit shows in great detail that Africa is poor, not because of any innate inability of Africans to raise themselves up, but because Africa’s poverty is necessary for corporate profit, writes Alan Broughton.
Power and gas prices are set to rise by a huge 16–19% on July 1, bringing a profit bonanza to the big three electricity companies — AGL, Origin and Energy Australia.
This unpopular price hike comes in the context of record low wage growth, record high housing prices and record levels of household debt.
The federal government is covering for the price hikes by blaming state governments for ruling out unconventional gas (Victoria), or moving too fast to renewables and not planning ahead (South Australia).
We're all familiar with the old maxim: “the rich get richer while the poor get poorer”. It is said as often with resignation as it is as a call to action.
Left unquantified it remains abstract but it is much easier to get worked up when the sheer scale of material inequality is in front of your face. Hence the growing outcry surrounding Oxfam's recent annual reports on global inequality that clearly demonstrate the concentration of world resources in the hands of the 0.1%.