Australia’s drop in real wages is a disaster. But the profits of major corporations are doing just fine

‘Over the past year, inflation rose faster than the wage growth in every single industry,’ writes Greg Jericho. Photograph: Jason Reed/Reuters

Excuse me while I sadly cross off another three months on my “waiting for a wages breakout” calendar.

Before I get to the wages figures, may I pause to note that this month NAB reported a 5% increase in its profits compared with last year, CBA reported a 7% increase in its cash profit, BHP reported annual profit growth of 9% and Rio Tinto recorded a 47% profit increase in the first half of this year.