Multinational gas companies made $149 billion selling Australian gas that they got *for free*.
Please read that again. Public gas, given away.
Great new report out today @TheAusInstitute@MarkOgge@PiersVerstegen
https://t.co/GxZ7q7bgWB
It really is starting to become glaringly obvious that Stage 3 is not just an unfair tax cut that gives massive cuts to the richest, it is also very, very dumb economics.
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Instead of a CEO sleep out, we should just put neoliberal economists, the RBA board and big business leaders on the average Australian wage for six months (no access to savings) and get them to show us how it all works - budgeting, finding housing etc, in this economy
On Tuesday night Philip Lowe compared labour costs with CPI. But he forget the 32% of the economy that is profits, so I helped him out
https://t.co/FuMs2tiN3Z
📰FOR IMMEDIATE RELEASE
OECD report shows corporate profits contributed far more to inflation than wages
Quotes attributable to Dr Jim Stanford, economist and director of the the Australia Institute's Centre for Future Work @JimboStanford
"What irritates me is that as a population, we've blindly accepted that interest rates are the only lever for the Government to control inflation,"
"69% of that inflation is caused by excess profits from large corporations gouging higher prices." #auspol
10 references to wage growth, tight labour markets & rising unit labour costs in today's #RBA statement on its 12th interest hike in 13 mos.
0 references to profits, margins, or mark-ups.
The RBA sees only 1 side of the street. So workers pay to solve inflation they didn't cause.
The RBA has done it again, hiking interest rates to an 11 year high.
Business groups will be keen to blame wages, but remember, excess profits are the main culprit driving this inflation.
@GrogsGamut explains. #auspol
Glad the RBA waited a month to see how the economy was going and then raised rates the day before retail sales data showed the volume of retail spending is falling
Its really disappointing to see legends like Wilko and Brosquey 'appeal to The Cove' to abandon their boycott, via the media instead of talking to @thecove23 leaders to understand why its necessary.
Australia's distribution of gains from economic growth is more unequal than the US, China, the UK, Canada, and the EU.
From 2010-2019, the top 10% got 93% of the economic growth, while the bottom 90% shared in just 7%! 🤯 #auspol
Wow. This is a generation that has had enough of gun violence. But you aren’t seeing any of this on cable news today. So, let’s all take a moment & thank these young people for refusing to accept gun violence as normal. Please share far & wide.