SMH – ‘Australia needs a raise’: wage-earners have rarely collected a smaller share of the economy
Things were so different in the 1970s. Safari suits were in fashion, the Holden Kingswood was a best-seller and Australia still qualified as a workers’ paradise.
One statistic shows how good things were for wage earners back then: the proportion of national economic output being paid to workers was at an historic high.
That “labour share” – as economists call it – had climbed steadily during the post-war Menzies era and peaked at just over 58 per cent of gross domestic product in 1975.
It was a function of labour market rules at the time which fostered wage growth and a more equal distribution of income.
But things have changed.
Your take home pay is at risk
Join the campaign to protect your penalty rates
Our weekend penalty rates are under threat. Add your voice to the call for penalty rates for weekend workers to be protected