Australia’s drop in real wages is a disaster. But the profits of major corporations are doing just fine | Grogonomics

Wages are not growing out of control and the labour market is not ‘tight’Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastExcuse me while I sadly cross off another three months on my “waiting for a wages breakout” calendar.Before I get to the wages figures, may I pause to note that this month NAB reported a 5% increase in its profits compared with last year, CBA reported a 7% increase in its cash profit, BHP reported annual profit growth of 9% and Rio Tinto recorded a 47% profit increase in the first half of this year. Continue reading...