2022 on track to be the biggest for company profits


Greens Treasury spokesperson, Senator Nick McKim, has responded to the release today by the ABS of the September National Accounts.

“2022 has been a great year for the robber barons.

“The top 3 quarters on record for profits’ share of national income have all been in 2022.

“The June quarter was the highest on record, September the second, and March the third (seasonally adjusted).

“In the middle of a cost-of-living crisis, corporate Australia has made off like bandits.

“Corporate profiteering has been a domestic driver of inflation, not the imaginary wage pressures that the RBA speaks of.

“In fact, 2022 may well end up being the worst year on record for workers.

“Wages share of national income was the 5th lowest on record in March, the lowest on record in June, and the 8th lowest in September.

“If Jim Chalmers thinks today’s national accounts are a solid performance then he needs a wake up call.

“Our economic system is broken.

“The government needs to acknowledge this and start taking some serious steps to address spiralling inequality.

“We need tax reform that hits speculators and the wealthy.

“We need to tax corporate super profits to rein in profiteering and help slow inflation.

“We need to abandon the Stage 3 tax cuts for the ultra wealthy.

“We need to get rid of negative gearing and the capital gains tax discount to stop housing costs yo-yoing up and down in response to interest rates.

“Then we can fund genuine cost-of-living relief for those who need it.”