The mining sector made more than half of Australia's corporate profits, so why do economists want to ignore it?

Resource and energy companies have made record profits in Australia in recent years. (Supplied: Woodside Energy)

The claims by business leaders that record-high profits have not contributed to recent inflation are wrong, according to a new paper from the Australia Institute. 

Dr Jim Stanford, director of the Australia Institute's Centre for Future Work, says enormous price increases for fossil fuel products early in the pandemic were the single biggest cause of the initial acceleration of inflation in Australia.