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Centre for Future Work

@CntrFutureWork

Mar 8

The idea of privatising Sydney's water system has sparked fears among residents. And based on experience of other jurisdictions with private water, that concern is justified. See our new report today on the social & economic costs of private water: futurework.org.au/report/the-fis… /2

In the rush to pay out dividends & capital gains, private water monopolies load up on debt, reduce capital spending & pay huge interest costs (which regulators allow them to pass on to water users). Most worrisome are the health risks that come with staff cuts & cost-cutting. /3

In the UK, average private water bills rose 39% due to the deadweight costs of debt, interest, & dividend payouts. In the US, municipalities with private water paid 59% more. In Sydney's case, that would translate into increases in average water bills of $174 to $264 per year. /4

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Centre for Future Work

@CntrFutureWork

Mar 7

@ElizaLittleton

On #IWD2023 research by @ElizaLittleton and @GrogsGamut find that pay gaps cost women at least $1m over their working life and $137,000 in lower super
australiainstitute.org.au/report/the-tim…

Using the taxation data they find that men earn more than women in 95% of all occupations, but it is not just because more men work in those jobs. In occupation where women make up more than 60% of all workers, men still earn more in 86% of them

Their research fond that overwhelmingly male-dominate work is paid more than is women-dominated work.

In 80 of the occupations where men make up 80% or more of the workers, the avge salary is above $100,000.

In jobs where women make up more than 80% of workers there were none

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Centre for Future Work

@CntrFutureWork

Feb 23

In a week when Coles, Woolworths, ComBank, Qantas & Ampol all reported huge profits, the ABS confirmed workers' real wages fell faster than any year in history. What gives??

It's called a 'profit-price spiral'.
Our new report explains what's happening: futurework.org.au/report/profit-… /2

@JimboStanford

Author @JimboStanford used ABS data to decompose economy-wide inflation into its component parts.
No surprise: corporate profits grew far faster than any other form of income (3x faster than wages for each unit of output).
Corporates' share of GDP is up 3.2 %pts since COVID. /3

We would expect some legitimate growth in profits: due to expanded real output, and even due to 'normal' inflation (at the 2.5% RBA target rate). But of the EXCESS (above-target) inflation since COVID, excess corporate profit accounts for 69% of the additional lift in prices. /4

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Centre for Future Work

@CntrFutureWork

May 14, 2020

@unionsaustralia

Does anyone actually believe the unemployment rate was just 6.2% last month?? Don't. All that number proves is how irrelevant the official unemployment rate has become. Let's walk through the math: ...2 @unionsaustralia #ausecon #ABS #LFS

Official unemployment increased by just 105,000 people. Not too bad, right? Wrong. 500,000 people lost work but 'left' the labour force. Why? To be included in the labour force, you must be available for work and actively seeking it. What was the point of that in April? ...3

Let's count them in actual unemployed. Then there's another 750,000 Australians who were 'employed' but didn't work a single hour. JobKeeper helps on that score. Include them & unemployment is now 2.1 million--not the official 823,000. That's 15% of the adjusted labour force ...4

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Centre for Future Work

@CntrFutureWork

Mar 30, 2020

THREAD: The Australian government’s announcement of a huge program to support wage payments by employers through the coming COVID-19 recession is important, and will significantly moderate the employment and income consequences of the pandemic...2

@unionsaustralia

The government has reversed its initial opposition to the concept. This is a tribute to the effective lobbying and organising of many stakeholders, in particular the efforts of the ACTU @unionsaustralia ...3

Unlike other countries which will subsidise wages on a proportional basis (eg. 80% in the UK), this scheme features an unusual flat-rate payment structure. Businesses will receive the same flat amount ($1500/fortnight) for each supported worker...4

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Centre for Future Work

@CntrFutureWork

Nov 14, 2019

There's only one word to describe today's #ABS jobs report: UGLY. 19,000 jobs lost: the worst of any month in over 3 years. Job losses in every category: full-time, part-time, men, women. Another decline in total hours worked: the 4th since April...2

Unemployment rate up again: to 5.32%, highest in 2 years. Unemployment rate has risen 0.4 points since Feb. Would have been worse, except for another fall in the participation rate: down for the 6th time this year. That means people are giving up looking...3

Combined with yesterday's report of a further slowing in wage growth, this is more evidence of profound labour market weakness. Will take a combination of strong job-creation measures & efforts to boost wages to get consumers spending (their purchases make up 1/2 of all GDP)...4

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