Record profits driving cost of living crisis   
18 July 2022
ACTU
Record profits driving cost of living crisis
Australian companies banking record profits rather than using them to shield consumers from cost increases is the leading driver of inflation, according to new research released today by The Australia Institute.

The new research shows that big businesses are actively making choices which harm the economy and are putting millions of households under financial stress in order to increase their margins and secure record CEO bonuses.

It also reiterates that wage growth, which is lagging well behind CPI, is not driving inflation.

Businesses have ample room to absorb cost increases but are instead choosing to hike up prices to support record profits and CEO bonuses, while working people are seeing their pay swallowed up by the rapidly rising cost of living.

The lack of real wage growth over the last ten years is a considerable barrier to economic growth in Australia as it throttles domestic consumption.

Quotes attributable to ACTU President Michele O’Neil:

“This new research shows how hypocritical the big business campaign against wage growth has been.

“Corporate Australia is causing the cost of living crisis by passing on price increases and refusing to give working people decent pay rises. This is all about protecting their record high profit share at all costs.

“While they are warning that the sky will fall in if wages keep pace with inflation they are creating an inflationary cycle by pocketing record profits and paying out record bonuses to CEOs who refuse to increase pay for their workers.

“Businesses could absorb cost increases into their record-setting profit margins, but instead have chosen to pass them straight on to consumers, fuelling inflation and creating a cost of living crisis in this country.

“Our system is broken when big business is setting records for profits and bonuses but workers’ pay hasn’t increased in real terms for nearly a decade.

“Wage growth could be an engine of economic growth in a country that relies so heavily on domestic consumption. We should be sharing the recovery from the pandemic across the whole economy, not letting big business fuel inflation by funneling it into offshore bank accounts and CEO bonusses.”

Capitalism is the engine of the economy, it prevents mile long "Soviet Union" type queues waiting to get 2 ounces of bread and a slice of sausage

Bias_2012 wrote on Jul 20^th, 2022 at 12:07pm:


People in the USSR were well fed.  The famous food queues were because food was so cheap, people grabbed it.  Everyone had a full pantry, no one was starving

FutureTheLeftWant wrote on Jul 20^th, 2022 at 12:09pm:


You'll say anything won't ya?

The Soviet Union doesn't exist anymore .... I wonder why?

FutureTheLeftWant wrote on Jul 20^th, 2022 at 12:48pm:


Crikey, you're still saying just anything

Bias_2012 wrote on Jul 20^th, 2022 at 1:25pm:


Is it a PragerU video? It's clearly nonsense

FutureTheLeftWant wrote on Jul 20^th, 2022 at 12:09pm:


You are imbecile, ratso.






The Holodomor (Ukrainian: Голодомо́р, romanized: Holodomor, IPA: [ɦolodoˈmɔr];[2] derived from морити голодом, moryty holodom, 'to kill by starvation'),[a][3][4][5] also known as the Terror-Famine[6][7][8] or the Great Famine,[9] was a man-made famine in Soviet Ukraine from 1932 to 1933 that killed millions of Ukrainians. The Holodomor famine was part of the wider Soviet famine of 1932–1933 which affected the major grain-producing areas of the country.[10]

Evidence of widespread cannibalism was documented during the Holodomor:[51][52]

Survival was a moral as well as a physical struggle. A woman doctor wrote to a friend in June 1933 that she had not yet become a cannibal, but was "not sure that I shall not be one by the time my letter reaches you." The good people died first. Those who refused to steal or to prostitute themselves died. Those who gave food to others died. Those who refused to eat corpses died. Those who refused to kill their fellow man died. Parents who resisted cannibalism died before their children did.[53]

The Soviet regime printed posters declaring: "To eat your own children is a barbarian act."[54]: 225  More than 2,500 people were convicted of cannibalism during the Holodomor.[55]

FutureTheLeftWant wrote on Jul 20^th, 2022 at 1:51pm:



"People queued because food was so cheap" -  you are a peerless moron, Igor. Go get a brain.