If it feels like the 1 per cent-ers of the world are taking a rather humungous slice of the pie right now while we all dine on tinned tuna like sad little destitutes – that’s because it’s a very accurate description of the current socio-economic climate. Cool cool, everything is fine! In fact this year Oxfam reported in their ‘Survival of the Richest’ study that billionaires fortunes are increasing by an average of $2.7 billion per day while the rest of the world struggle through a cost of living crisis.
As inflation continues to hit people where it hurts, The Australia Institute has come up with a neat solution to our financial woes. Although it will require the corporate top dogs to take a pay cut. Reckon they’ll be up for it?
According to data collected by Centre for Future Work director Dr Jim Stanford and Australia Institute Chief Economist Greg Jericho, their report has found huge discrepancies between corporate profits and wages paid to staff.
“Real wages in Australia saw the largest and fastest fall since the Second World War, yet the usual suspects in the business community want to blame labour costs for inflation,” said Dr Jim Stanford.
“That claim simply doesn’t stack up under the weight of international and domestic evidence that shows corporate profits still account for the clear majority of excess inflation, despite inflation moderating from its peak last year.”
On the whole, wages have dropped 6% while those at the top keep raking in eye-watering profits. Did I mention, eat the rich?
In order to curb this glutenous corporate price gouging the report has handed down a number of recommendations which they will present to the Australian Council of Trade Unions’ Price Gouging Inquiry today. Among them include price regulations across energy, housing and transport sectors; reforms to block big corporates from exploiting wages and a push to increase wages to help Aussies get back on their feet.
Of course all of those recommendations will mean a cut to profits for those at the top. Sounds pretty f*cken good to moi! Time to let us eat cake.