An inconvenient truth is still the truth

06 Mar 2018 |

The Australian Chamber of Commerce and Industry said today repeated claims by the Australian Council of Trade Unions (ACTU) of record company profits and reduced wages growth are a calculated misrepresentation of the facts.

“The ACTU is deliberately cherry-picking outdated data to argue a misleading case,” said CEO of the Australian Chamber of Commerce and Industry, James Pearson.

“Profits were up 4.3% up over the year – and wages grew by 4.3% over the year too.

“This is not the 20% profit growth versus 2% wages growth that the ACTU claims.

“The reality is that profit growth – while positive – is volatile and recent.

“We need to recognise that profits vary between industry, business size and from quarter to quarter.

“If the economy continues to improve, if profit growth can be sustained and businesses are able to hire more people and offer more hours, if we see a sustained lift in productivity – then wages growth will lift, provided business is able to afford it and remain competitive.”

Duncan Bremner

Director - Public Affairs and Advocacy

P  |  0448 822 666

E  |  [email protected]

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