When the stupid elite manage the economy - the statistics


The latest data on the management of the Australian economy under the Liberal Government shows that wealth is dramatically increasing to the rich, while the incomes of workers and households are dramatically falling.

The alarming data showing the hastening trend of growing inequality is being buried in the mass media. Here are some of the most informative statistics, which tell the true picture.

 

Construction has been especially hit


By the end of 2016:

Profits surged a massive 20% while wages fell by half a per cent.

The fall in wages followed record low growth in wages in 2016.

Construction businesses had the largest profit surge of any sector – with profits up by 32%.

This data shows that workers are directly sacrificing and subsidising the huge growth in businesses profits Australia-wide, but most of all in the construction sector.

Construction conglomerate companies - skyrocketing profits


To put the scale of this movement into perspective, the data showed that the construction sector generated $8.6 billion in profit in the December quarter alone. B y comparison, at the same time Australia’s mining industry generated only $3.6 billion profit.

A snapshot of the companies making these excessive profits in construction include:

 

This article is from the Autumn 2017 issue of the ETU's members magazine. You can read the digital edition here.