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RBA again fails to acknowledge record high corporate profits

Media Release
Nick McKim 8 Sep 2022

Greens Treasury spokesperson, Senator Nick McKim, has responded to the RBA Governor, Philip Lowe’s, speech today in which he again failed to acknowledge the role of corporate profits in driving inflation.

“Yesterday’s National Accounts showed that profit’s share of national income hit a new record high and that wages’ share of national income hit a new record low.”

“In the 60 years that records have been kept, never have workers been getting a smaller slice of the pie, and never have business owners been getting a bigger slice of the pie.”

“We are in a profit-price spiral not a wage-price spiral.”

“Inflation started with global supply shocks, but it is being turbocharged by corporate profiteering”

“But, once again, Philip Lowe has failed to acknowledge this.”

“He has also failed to recant his statements asking workers to brace themselves for a further decline in real wages.”

“And he is jacking up interest rates even though the preconditions that he set for this to happen before 2024 have not been met.”

“That’s why Dr Lowe has got to go.”

“The job of the RBA Governor is to ensure the economic prosperity and welfare of the people of Australia.”

“The RBA Governor should not be a corporate stooge.”

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