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The Conversation

Business

Jim Stanford, Economist and Director, Centre for Future Work, Australia Institute; Honorary Professor of Political Economy, University of Sydney

Underlying Australia's inflation problem is a historic shift of income from workers to corporate profits

Inflation RBA Mining GDP Pandemic Australian Bureau of Statistics

shutterstock Shutterstock

The three years since the onset of the pandemic have witnessed a dramatic redistribution of national income, away from labour compensation and towards business profits.

No one should be surprised. Supply-chain disruptions, pent-up consumer demand and inflation have provided businesses with a golden opportunity to increase their margins. Many have taken it.

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