Workers are now receiving more of the “economic pie” than before the pandemic, with the increase in labour’s share of national income delivering an extra $28bn into the pockets of Australians over the past year alone.
Pat Bustamante, a senior economist at Westpac, said his analysis suggested that the tighter post-Covid labour market was behind the greater share going to workers, from an average of 53.8% through the 2010s, to more than 55% now.
