Record high for profits

Record high for profit share, 44-year low for wages share

The profit share of the economy increased to a record high of 28% in the September quarter, the highest level since the Australian Bureau of Statistics (ABS) started keeping records in 1959.

Historically, the profit share reached a low of 15.4% in the September quarter of 1974. It surpassed 20% in the September quarter of 1983, under the Hawke Government and reached 25% in the December quarter of 2002, during the Howard Government's term.

In contrast, the wages share of the economy fell to 52.3% (down from 52.8% the previous quarter), the lowest level since December 1964.

Interestingly, the wages share of the Australian economy peaked at 62.8% in the December quarter of 1974 under the Whitlam Government.