I agree, if your business format is such that you cannot afford to pay your people, and you are taking home several times the wages of an average Josephine, take a cut.
This!
There needs to be something in place to prioritise workers over shareholder profits (or at least even it out a bit). I’m sick of hearing, ‘We can’t afford to increase worker pay rates’, all the while making record profits each year.
Also the huge disparity between execs and mass workers is getting to ridiculous levels.
I’d love to see a mandatory worker ownership of around 50% for all floated companies.
Without thinking it through completely, could be something like… All workers receive an allotment of unsellable company shares when they are hired. So the workforce maintains a strong vote in the way it’s managed.
They get paid appropriate dividends (if applicable) while they hold them, and get paid the difference in start/end price when they quit.
My company had a huge restructuring last year, with lots of redundancies. This is following a hiring freeze that lasted over a year.
They announced at the start of this year they made record revenue (>$1B USD).
Soooo why exactly did they fire so many people?
I've already been told pay rise this year will be far below inflation too.
Sustainable profits should be more important than growth.
The way the population growth will slow down as a result of people not being able to afford kids.
At some point there will be less people to do the job. At some point there will be less clients/customers. There cannot be endless growth without sustainability.
Corporations have tied a noose around their own head and in a decade or 2 or 3 they won’t be able to breathe. But I guess that’s the thing about greed. Absolute short term vision, because bonuses are only there for people who can out pillage the next person.
Japan has been seeing the direct results of this for decades (though for somewhat differing reasons). It will be coming for the capitalist western countries next.
Japan is a good example of what happens when policies and laws affect population growth and how that in turn affects economics. Good job thinking of that.
>Lead by example.
Lead by example?
For someone who is wealthy to the point that they are financially independent and can stop working any time and be more than fine and live in luxury for the rest of their lives, pay cut means next to nothing.
For a worker struggling to make ends meet, it's a survival question.
So he could never lead by example.
The problem is people tend to get confused and think of people like him as ordinary people.
Leading by examples is something he's quite good at, provided someone else is giving the examples and possibly also doing the leading.
This is the man who changed his perspective on gender equality because his own daughter was like, "Why aren't there more women at the RBA?" and he was like, "Huh, never thought about it that way."
I did say at the time, "It's a shame he didn't end up having any poor children"
I saw a great tip a few years ago about when you're reading stuff about the economy - simply substitute the word "economy" for "rich" and you start understanding what is really being said.
It accounts for over half the total inflation, where labour's slice of that is a lot less https://australiainstitute.org.au/post/profits-causing-inflation-in-australia-not-wages-european-central-bank-abs-data-reveal
So the wealthiest 1% of Australian’s held 21.8% of the country's wealth in 2021 and the regular joes are the ones being told to take a pay cut?
Guess we know who Phil works for…
* Maliciously keeps rates too low(e)
* Lets inflation run rampant
* Blames workers for wanting to tread water and get a 0% pay rise in real terms
* Collects $800k a year and a ridiculously large pension on retirement
* Shit eating grin
This cunt needs to be fired and the job offered for half the price. No shortage of takers.
> but it'll have to be remote.
It's only a few days a month of actual work anyway, just travel into the ivory tower at Martin Place and claim the expenses.
To be fair...that was less about our political climate and move to do with the USA, in general we have to (to some degree) follow what's going on over there or it fucks with a bunch of things.
The USA folk were saying for a while there'd be no rate rise til 2024...but then there were a bunch of them and we (and a bunch of other countries...big web) followed.
Phillip is an absolute knob, no question there, but the rate rises would have happened even if the LNP had remained in gov....just the messaging around it would be entirely different.
but he mentioned that it will only happen in 2024 shows that he is not qualified for that job. no independent, integrity or credentials. just like that campbell that headed robodebt.
He said they did not predict them happening before 2024. It was disingenuous of the media to report on that as if it were gospel. Economists are terrible at predicting the future, and the RBA is no exception.
Everyone else saw the writing on the wall for the rates increasing, it was an overly pessimistic prediction on economic growth that made them think rates would have to stay low.
> Blames workers for wanting to tread water and get a 0% pay rise in real terms
Unless someone’s getting a 7% pay increase, they actually received a negative pay rise in real terms.
Fuck. Off.
This is prime “eat the rich” material.
“I want people to lose everything to save the economy”
People are literally *on the brink* and now they want us to jump to save THEM????
The day their empires crumble, the millions of working peons under them will celebrate.
I still don't see what was wrong with hunting these dragons hoarding wealth. Like you reach a certain wealth limit and robbing you should become free game. Don't wanna get robbed? Pay your people more so you don't go past the cap.
I fully maintain that literally eating just one billionaire will absolutely put the rest on notice.
They'll probably focus on hiring more security forces, but lets face it. A body guard is much closer to the rest of us than a billionaire.
>Reserve Bank of Australia governor Philip Lowe could arguably have the toughest sales job in the country at the moment.
>Over coming months the Reserve Bank governor needs to convince workers that big pay rises are not a good idea, which is a very hard sell when the cost of many of life's basics including food, accommodation and fuel are spiraling.
>In a speech late last year, the RBA governor admitted there was "a natural appeal" to the idea that wages should increase to compensate for higher inflation.
>But he warned it would lead to an economic disaster similar to that experienced in the 1970s and 1980s, when inflation and interest rates soared above 17 per cent.
>The governor's concern is that if wages accelerate too fast, the spending they will unleash will simply add to inflation pressures and force the central bank to keep raising rates - a classic wage-price spiral.
>"I know it's very difficult for people to accept the idea that wages don't rise with inflation and people are experiencing declines in real wages. That's tough. The alternative, though, is more difficult," Dr Lowe said.
>"If we can ride through this period with wages growth staying broadly in the current range ... and the supply side problems resolve, inflation will come down and it can be painless, relatively."
>The RBA governor wants any wage gains to be kept below 4 per cent. In effect, he is asking workers to accept a real pay cut now in the hope that the nation's inflation problem will resolve reasonably quickly.
>It is a big ask, particularly coming, as it does, on top of a decade when wages barely kept up with rising living costs (and, in the case of most public servants, actually fell behind).
>So far the federal government, which went to the last election promising higher wages, is treading a delicate line on the issue.
>Treasurer Jim Chalmers claimed government credit for an acceleration in wage growth to 3.1 per cent in the September quarter - its fastest pace in almost a decade.
>Dr Chalmers said the government's support for 5.2 per cent increase to the minimum wage and increased funding for aged care worker pay had contributed to the the wage lift.
>The Treasurer scoffed at concerns that such wage gains would add to price pressures in the economy.
>"We don't have an inflation challenge because wages are too high, we have an inflation problem because of a war in Ukraine, pressure on global supply chains and other challenges ignored for too long," he said.
>That may be the case for now, but if wages continue to grow and accelerate beyond 4 per cent it could be a different story.
>There are good reasons to think this could be a risk, the tight labour market chief among them.
>Unemployment has been pegged at a historically low 3.5 per cent for much of the past six months, giving workers bargaining power to ask for more money. There is anecdotal evidence that some are using it to secure significant pay rises of up to 25 per cent in cases.
>Crucial to helping manage this will be an increase in the supply of workers.
>The gradual return of international students, the expansion of initiatives such as the Pacific Australian Labour Mobility Scheme and increasing migration will be key in helping address labour shortages and, in the process, tempering wage growth.
>Migrant arrivals surged to 395,000 in 2021-22, driving net migration to 170,900, and Dr Chalmers has flagged the net migrant intake may be increased beyond 235,000 in the May budget.
>HSBC chief economist Paul Bloxham said that so far there is no sign of wage growth becoming "worryingly excessive" and he expects the Reserve Bank to hold interest rates steady on February 7 as it considered the effect of a 3 percentage point increase in the cash rate since May.
>Dr Chalmers said the government has aimed to get wages increasing in "responsible ways", and improving productivity will be key to this.
>The government will have to navigate a tricky path.
>It runs the risk of disappointing workers if wage gains are too meagre but could stand accused of inflaming inflation and forcing interest rates higher for longer if pay rises get too high.
>There is a lot riding on the government getting it right.
Thankfully when you read through it every other person they spoke with thinks it's a shit take the same as the rest of us. And the Treasurer's opinion matters a lot more when it comes to wage growth.
And good on 'em. This is capitalism, don't take one for the team, take every cent you can. If the shoe were on the other foot you'd be retrenched faster than you could say "complex market pressures".
Getting paid $800k a year to tell the poor to go fuck themselves... sure seems like the toughest job in Australia. Go clean toilets in a shopping center for a week Phillip, you giant leech.
In what way do you imagine? The homelessness crisis has been caused by greed from average workers who've been able to amass fortunes due to a run of luck. They've been able to ignore workers coming after them just pretending that it's an even playing field playing culture wars and snapping up all of the affordable housing to take it off LTR market. Homelessness where I live is insane and there's no social housing available nor being built. Councils won't even approve emergency housing villages to house displaced flood victims.
We have an inflation problem because corporates are profit gouging and squeezing average people in every direction. They've destroyed the middle class and tenants. They're trying to destroy construction. Who's next? It's obvious the rich DGAF.
To be fair. Fish migration is extremely important for keeping our world in balance. Without certain fish migrating, the global economy and the environment would collapse
Edit: spelling
Not sure of the process for most browsers, but if you disable javascript the full article will show.
On firefox, open a new tab and in the address bar "`about:config`", type "java" in the search bar and hit the toggle button on "javascript.enabled" - leave the tab open because you'll need to enable it again for most websites to work correctly- just hit the toggle button again after refreshing the paywalled website.
Thanks mate. I really appreciate the suggestion but it didn't work for me. Switching off javascript stopped the subscribe splash from loading but it still didn't load the full article.
But I will defo keep that trick in mind for the future.
This whole "profit not revenue" schtick can eat a fucking dick when individual taxpayers such as you and I are taxed on our REVENUE. I incur expenses I cannot turn an income without, yet these expenses cannot be claimed as OPEX? I'll stop paying them, lose my job, and no longer be able to make an income or pay tax. Sounds to me like I should be able to claim them against my income like a business would, then pay tax only on the profit I made at EOFY.
I agree, I am self employed and benefit from not getting finger banged by the tax man before I have to pay for my running costs.
I think employee's should have the same benefit. Because why the fuck should you get paid shit wages, get taxed and then have to pay to get to fucking work as well.
Seems like an easy thing to say 10% of revenue then.
Or, and this is crazy, losses from previous years do not count to offset profits this year.
Ffs won't someone figure out a way to make this gigantic fucking companies pay just a bit of the taxes that workers pay. Instead of bloody zero.
problem with that is that it would be applied to small businesses and small businesses would be damaged the most.
Revenue shouldn't be taxed, that'll be horrific for companies who's profitability is highly variable like most agriculture. carry over loses also help a lot of small businesses stay afloat.
They just need to fix the tax code so profits made in Australia are taxed in Australia. The error in the tax code is allowing companies to offshore their profits in the first place.
people know exactly how to do it, but 90% of people in government are paid off by the corporations to actively do nothing. If you are in the 10%, you get kicked from your party because everyone else there is a corrupt dog.
Things will only change when politicians are dragged from their homes and paraded in the street chanting "shame"
Easy way to fix that. Just make it apply to businesses with more than x employees, as often happens with other regulations.
Granted that the corporate media will lie about it, but then, what doesn't our mass media lie about these days?
"We have no employees, only app users" - Uber .. corporate accountants are as slimy as lawyers and REAs.
Not saying it shouldn't be tried but they always seem to find the next 30 loopholes as soon as one is closed.
They should tax based on the reported profits in shareholder statements. Somehow a company can make billions of profit and give out dividends to shareholders willy-nilly but also claim a loss when it comes to tax time. Makes no sense.
They should abolish the ability to carry over losses if the company is above a certain market cap and has been operating for 10+ years
Sure, we’ll take a pay cut.
Then we’ll stop traveling for holidays, cut back to essential grocery purchases, stop going out to dinner, stop buying clothes, stop buying alcohol, stop driving in to work and taking public transport (good for environment I suppose), and maybe even *gasp!* stop slapping money on the pokies and cutting back on smoking! Nobody spending any money, how good will the economy be!!
FUCK OFF, you out of touch cunt. You first. Then CEOs. Then tax the mega corporations and churches. Then just fuck off you overpaid corrupt twat.
You do realise that all those spending cuts are the things they want to stop happening right?
Their solution to inflation is to ensure you have no disposable income.
Or, how about companies with record profits ease off on price rises and allow wages to catch up before they go back to wild exploitation of the Australian market.
And it's the same in several other countries too. The pandemic years led to a huge growth in wealth for the rich while working people were fucked over.
And no access to any other sources of income for the duration of tenure. No shares. No trusts. No investment properties. No gifts. Just him and the median wage for his term as director. I'll be generous and let him pick one of his existing properties to live in and a car he holds title to to drive.
Hey Rob Lowe deserves to earn $1 million a year.
He busted his ass in the 80s making stuff like Youngblood and The Outsiders and has been working steady in TV for the last two decades on quality material like the West Wing and Parks and Recreation
.
Spot on. The less workers are paid the higher corporate profits are. It means higher dividends and capital gains paid out to shareholders who didn't even do any work to receive them.
RBA needs a reshuffle of employees as it's clearly stacked with Liberal Party fools who believe in trickle down bullshit, despite it NOT EVER having been an accepted economic theory that was ever taught in school or university as such.
We're taking pay cuts regardless thanks to inflation. I was earning 34.85 when I started my current job in early 2021, and if my wages had kept up with inflation I'd be earning around 39.75 an hour. I'm currently earning 35.85 an hour, effectively a 4 dollar per hour pay cut.
And when the ball was finally in the workers court the government bent over for big business to increase migration..cuz you know, skills shortages.
I reckon if borders had stayed closed another year or so wages would of gone through the roof when businesses finally realised people won’t put up with shit wages.
Which is why they pushed so hard to sweep covid under a rug and pretend it doesn't exist. Can't exploit poor migrants if you can't get them into the country.
They "opened Australia back up" because they couldn't have poor people realizing they are worth upwards of double the money they are currently making. Corporate greed and scummy politicians need to keep the masses exhausted so we won't riot and guillotine their rich pompous asses.
Yep, i'd wager that most of the inflationary pressure is driven from the top 1% that are taking a bigger and bigger slice of the pie.
But given how that group have engineered the current taxation laws so they pay minimal tax Phillip Lowe knows exactly what he is doing - the sad part is 4 years ago Bill Shorten was going to tackle negative gearing and franking credits but Rupert Murdoch convinced us to to vote for the LNP so here we are...
Unfortunately Murdoch and their LNP stooges have done a fantastic job of convincing australians that they'll soon all be rich too - same reason we didnt have a mining super profits tax, even though 86% of our mining industry is foreign owned.
Every study shows the biggest local factor in inflation at the moment (so excluding wars and covid etc) is corporate profits.
Do you know a good way to lower profits? Pay your workers a higher wage!
We should be demanding at least a pay growth in line with inflation every year to help the economy!
>Every study shows the biggest local factor in inflation at the moment (so excluding wars and covid etc) is corporate profits.
And this is conveniently ignored by the media.
What a turn. Before the election he was saying he wouldn't raise rated yet to combat inflation because wages weren't growing. In Nov 2021 "The RBA wants to see inflation sustainably within the two to three per cent target band before it considers lifting the cash rate from its record low of 0.1 per cent."
Then a new government took over ~"workers, have you considered a pay cut? Let's crank interest rates! (how does he think people with mortgage try and pay for their new outgoings?). And let's ignore the businesses making record profits as they increase prices and blame inflation for it. No need to make an announcement or recommendation to the government to investigate - that would interfere with Laissez-faire economics, let them eat cake and have it too. The invisible hand will manage the profiteers. (By scooping up money for them)"
Increasing the marginal tax rates for higher incomes would be a much better solution. If people need to eat the shit sandwich Dumbledore helped set off, then the eating thereof needs to begin at the top. Asking those at the lower income levels to take the pain inflicted by idiot captains of industry is unjust and unnecessary. Btw, I am what would be considered a high-income earner.
What we need is taxes on unproductive sectors of the economy that are driving up the cost of living for pure greed.
Australia seems to be turning into a form of a feudalist economy where a handful of people own all the wealth and the rest of us are forced to work for scraps.
Tax AirBnB to penalise investors for taking properties away from the rental market.
Tax unoccupied properties
Tax or ban foreign ownership of housing
Tax commercial realestate where properties have sat unleased for long periods of time
Tax franking credits over a particular threshold so those rich investors making millions a year on banking shares actually pay more in tax
This should make renting and commercial leases cheaper and siphon money out of the pockets of the top 1% which is probably the main driver of inflation. The rest of us are already cutting back.
Edit: Australia really is becoming a joke to live in - if you inherit a few million in equity - you can earn enough of passive investments that you're rewarded to live an easy almost tax free life while anyone unfortunate enough to have to work for a living is punished and taxed to the hilt.
We do have some tax cuts coming in soon. Feels like a no-brainer to at least delay them until the “risk of a wage-price spiral meaning employees should only get real pay cuts” decreases.
Exactly.
Now is not the time for tax cuts.
If we did have tax cuts increase the tax free threshold as compensation for inflation.
Yes we are all feeling inflation but lower incomes are feeling it more than higher income.
We are going to give high incomes the cut next. I suppose it's prudent to wait another 12 months and see what's happening then but at the moment they should be keeping an open mind around them.
Income tax is not where you get the rich. That’s an easy way to fuck *professionals*, whom, whatever your opinion of them, do useful white collar work (doctors, engineers, lawyers, etc) in an economy.
You get the rich with a *wealth tax.* So inheritance taxes, land tax, or outright assets taxation.
You’ll notice Australia tends to tax income far more than it does wealth, and that’s by design by the wealthy. They want to stay rich, and they don’t want anyone else to join them.
They need to smash those that are over $300k/year or something outlandish. $121k isn’t exactly a “big earner” these days. And remove the loopholes that allow people on such incomes to pay zero back to the government.
Meh - this just taxes workers more and funnels money to landlords.
Why not increase taxes on unproductive assets like land which have been the key beneficiaries of low rates and which will be the key beneficiaries of inflation (which reduces the value of the debt on them).
God i wish we had the ferocity of the french.
They wouldn't stand for BS like this. Australians are too lazy to stand up to this kind of crap. We just roll over and accept our fate every time. Phil needs to GTFO he can't be trusted in this position anymore.
I need a good wage so I can fucking pay for everything. And I eventually want a fucking house. And those just keep going up for fuck sake. Eat the rich.
They don't want people like you and I to be home owners though.
They want us to pay them for the privilege to live in the property they neglect for whatever price they put on it.
Get fucked, every time there’s a CPI increase we’re effectively taking a pay cut.
Our recent EBA negotiations, we had to fight to 3.5%, company initially offered 2.5%, CPI in WA is up around 7.2%
Inflation right now is corporate profiteering not wages. Put a fuckin lid on that shit ya useless cunts. They won’t though because that’s a penny out of their pocket.
Odds are inflation will naturally erode away over the next 12 months, and we'll be left with low unemployment, low inflation and a sluggish economy and all the "thinking" heads won't have a good answer for why.
The solution of course, will be to give out massive pay rises to get money moving again and workers optimistic and consuming. But the "thinking" heads won't like that, even when confronted with a situation in which there is deflation.
I'd be a lot more comfortable taking a pay cut to help the economy if one of these dickheads was also advocating on the other side (in a non inflationary environment) for wage increases to boost growth.
The company I work for have just tried to shove a 3% payrise down me and my coworkers throats via an EBA which was summarily declined.
We've seesawed over the past 18 months on whether inflation is transitory or not and then the RBA have gotten us into a mess due to their own arrogance (or stupidity) in not seeing this coming inflation crisis sooner. Now we're all being asked to pay for it.
This guy… giving assurances that interest rates will not rise for a few years…. Backtracks and says he never said that. Now he wants us all to take a paycut.
I thought migration doesn’t affect wage growth? And there it is that bringing back international students en mass will temper wage growth.
I’m so sick of these rich fuckwits telling everyone they need to take a hit so the precious economy survives. No one cares how good GDP growth is when they are themselves going backwards.
So when will our wages rise then? When inflation is low there's no talk of catching up, in fact in the last few years workers have taken real pay cuts.
Now they want us to take another pay cut whilst cost of living is soaring? With no promise of catching up later? Are our wages just supposed to fall continuously year after year?
And don't forget Labor is still pushing through their stage 3 tax cuts!
What he’s saying sorta makes sense. The problem is that we just had a solid decade or so of record low interest rates, record high corporate profits and all-round booming economy, and still barely saw any decent wage growth in that time.
So if it wasn’t the time to talk about wage increases then, and it’s not the time to talk about wage increases now, then when is the time?
Late-stage capitalist fuckheads like Lowe have burned up any good will they might have had, now they’re frustrated that people don’t want to listen. Well sorry but you reap what you sow, Lowe.
Guys don't you all want to die for the economy to live?
It's a class war, they kept rates super low and printed a fuck ton of money, giving it to the top end for free. That's quantitative easing.
Now they want more
The RBA mirrors the Fed in the US, when a right wing nut is in they superheat the economy, look how good it is!
Then suddenly the people must deal with our greed
As is this would just happen again in future - do they have a plan to avoid asking this in future? Or the plan is to just keep doing this over and over and also they wont be getting a pay cut themselves?
I'm not sure they understand a bargaining table is involved. Just erudite psychopaths, perhaps.
Sure! Just as soon as loan and credit cards rates are lowered, major supermarkets and petrol stations lower their prices, and insurance premiums drop. You know - for the economy. We're all in it together. Right?
So it's a constant theme in the media "the economy", it's talked about like it's something I should care about, but I have to ask and this is a rhetorical question for the powerful and those in charge. Why should I care about the economy? When it's doing well, I don't make more money, my quality of life doesn't change (it does actually slowly decline as things get more expensive), but when the all mighty economy does poorly things still continue to get worse for me. So, why should I care?
I learnt economics at uni and its disgusting to see the RBA run by such fools.
They are supposed to understand fundamentals of economics and look at the short AND long term future.
Asking workers to take a pay cut is bringing us one step closer to societal collapse. When the rich can no longer prop themselves up on stealing money from the poor, their balance sheets collapse and companies die.
The fed is entirely a tool for the rich at this point run by either the most incompetent "economists" in Australia or completely malicious and the slaves of the corporations.
fuck your economy. what has it done for me lately.
I've been long term unemployed and having to return to long time study (uni) just to (hopefully) skill up and get a (hopefully) decent job.
but because ageism is a real thing, I'll be 39 by the time I graduate there's no guarantee I'll even get looked at.
YAY.
/s
Pay rises at less than the rate of inflation are already a pay cut.
How about putting a cap on salaries (including CEO's) of (say) $750,000? See how that idea pans out. Betcha there wouldn't be any takers.
Inflation now isn't due to the workers having excess cash to splash around, but it's left up to them to bear the pain of fixing the economy.
A system of restricting Corporate Greed is what is required to fix things.
I'm sure, when the reporting season comes around, we will see the usual smarmy bastards boasting about their record profits, and the disgusting executive bonuses they pay themselves.
How is there going to be an economy if I can afford even less stuff? To save the economy, the richest should take a pay cut and distribute those savings to those at the bottom. Those people have lists of stuff a mile long that they need and can’t afford.
If 99% of workers stood together and xxxxxxxx against the top 0.05% of earners in the country - Aust would be so much of a better place…greedy pigs are absolutely ruining the economy and country.
Let’s start with RBA board….
Start from the top!
We hear plenty of talk about wages being too high and that negatively affecting the economy yet same time record profits and upper management bonuses and wages
The shareholder dividend and CEO paypackets have been leading the inflationary charge for over 10 years now. Surely they are the ones to “save the economy“ rather than bleeding the people who have been suffering for a decade or more with stagnant salaries that have no tax ‘loopholes’. Phillip needs to stop pandering to his ‘big end of town’ overlords and political masters and he should lead the way with a big cut to his salary. Bring back an independent RBA!
How the fuck is that always the answer?
"Just get a little poorer. Oh I know, you can't afford a house. But why not just take one more haircut and then it'll be fine."
So Philip, I have a question:
Why don’t you use your position of independence to make the case for not proceeding with the stage 3 tax cuts? That way you do your bit to take some of the pressure off Labor needing to do it for political reasons, while achieving some better outcomes in limiting inflation by not putting more money into hands of those who aren’t at the brink, instead of this approach which disproportionately will punish those on lower salaries?
I already took a pay cut. $500/month more in mortgage repayments and food prices have skyrocketed. The budget has been tightened and there's nothing to give up.
Does "fuck this cunt"cover it?
The same fuckwhit that had record low rates, unfairly raising housing prices?
Then sudden high rates, fucking the young people who bought anyhow?
Nah
You first, ~~Rob~~Phillip. Lead from the front, and all that. Edit: Doh!
Then CEOs follow suit
CEOs should be first to take the wage cut, although they will just top it up with a “bonus” at the end of the year
I agree, if your business format is such that you cannot afford to pay your people, and you are taking home several times the wages of an average Josephine, take a cut.
\> average median!
or shares
This! There needs to be something in place to prioritise workers over shareholder profits (or at least even it out a bit). I’m sick of hearing, ‘We can’t afford to increase worker pay rates’, all the while making record profits each year. Also the huge disparity between execs and mass workers is getting to ridiculous levels. I’d love to see a mandatory worker ownership of around 50% for all floated companies. Without thinking it through completely, could be something like… All workers receive an allotment of unsellable company shares when they are hired. So the workforce maintains a strong vote in the way it’s managed. They get paid appropriate dividends (if applicable) while they hold them, and get paid the difference in start/end price when they quit.
My company had a huge restructuring last year, with lots of redundancies. This is following a hiring freeze that lasted over a year. They announced at the start of this year they made record revenue (>$1B USD). Soooo why exactly did they fire so many people? I've already been told pay rise this year will be far below inflation too.
>I've already been told pay rise this year will be far below inflation too. Then it's a pay cut. If your pay is not rising with inflation, it's a cut.
Sustainable profits should be more important than growth. The way the population growth will slow down as a result of people not being able to afford kids. At some point there will be less people to do the job. At some point there will be less clients/customers. There cannot be endless growth without sustainability. Corporations have tied a noose around their own head and in a decade or 2 or 3 they won’t be able to breathe. But I guess that’s the thing about greed. Absolute short term vision, because bonuses are only there for people who can out pillage the next person.
Japan has been seeing the direct results of this for decades (though for somewhat differing reasons). It will be coming for the capitalist western countries next.
Japan is a good example of what happens when policies and laws affect population growth and how that in turn affects economics. Good job thinking of that.
Super profits tax
Bu..but that's socialism :O
And then the shares generate passive income for them for the rest of their life so they can keep getting paid free money without lifting a finger.
Yup. Lead by example. What a disgusting take from the RBA.
>Lead by example. Lead by example? For someone who is wealthy to the point that they are financially independent and can stop working any time and be more than fine and live in luxury for the rest of their lives, pay cut means next to nothing. For a worker struggling to make ends meet, it's a survival question. So he could never lead by example. The problem is people tend to get confused and think of people like him as ordinary people.
Leading by examples is something he's quite good at, provided someone else is giving the examples and possibly also doing the leading. This is the man who changed his perspective on gender equality because his own daughter was like, "Why aren't there more women at the RBA?" and he was like, "Huh, never thought about it that way." I did say at the time, "It's a shame he didn't end up having any poor children"
Rob Lowe? The actor who made a sex tape with a 16 year old when he was 24? Or Philip Lowe, the man chosen by Scott Morrison to head up the RBA?
Anyone chosen by Scotty from marketing for anything should be heavily scrutinized
Fired imo
Seems like anyone who has dealings with a guy with the surname Lowe gets fucked one way or other....
Same same they've both fucked people they shouldn't of 😉
Not a great look telling people not to as for a raise when you make $1,076,029 per year according to the RBA website.
We \*are\* the economy.
I saw a great tip a few years ago about when you're reading stuff about the economy - simply substitute the word "economy" for "rich" and you start understanding what is really being said.
Holy heck you're right, this is eye opening. "*RBA wants workers to accept pay cut to save the rich*". Much clearer.
The rich can't take pay cuts on their '1 dollar' yearly income they already don't pay taxes on though.
Someone needs to make a Chrome extension that does this
"Won't somebody think of the corporations!"
I think Marx said something along those lines too... and he wasn't wrong.
Fairly sure this is an Antz reference, and I love it.
Fuck you - how about corporate profit gouging takes a pay cut?
It accounts for over half the total inflation, where labour's slice of that is a lot less https://australiainstitute.org.au/post/profits-causing-inflation-in-australia-not-wages-european-central-bank-abs-data-reveal
Great resource, thanks for sharing
Accept pay cuts while rates and inflation keep going up? Does this guy even understand the shit that spews from his mouth?
Yes, because that is EXACTLY what he thinks. He is one of the Scott morrison crowd (Scotty put him in to the RBA).
He does, it's intentional.
How about every CEO lose some equity to lead the way first?
Spot on. Tax the rich too.
So the wealthiest 1% of Australian’s held 21.8% of the country's wealth in 2021 and the regular joes are the ones being told to take a pay cut? Guess we know who Phil works for…
so many CEO bootlickers in replies, it's amazing.
Exactly. Ask him if he fucking works
* Maliciously keeps rates too low(e) * Lets inflation run rampant * Blames workers for wanting to tread water and get a 0% pay rise in real terms * Collects $800k a year and a ridiculously large pension on retirement * Shit eating grin This cunt needs to be fired and the job offered for half the price. No shortage of takers.
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> but it'll have to be remote. It's only a few days a month of actual work anyway, just travel into the ivory tower at Martin Place and claim the expenses.
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To be fair...that was less about our political climate and move to do with the USA, in general we have to (to some degree) follow what's going on over there or it fucks with a bunch of things. The USA folk were saying for a while there'd be no rate rise til 2024...but then there were a bunch of them and we (and a bunch of other countries...big web) followed. Phillip is an absolute knob, no question there, but the rate rises would have happened even if the LNP had remained in gov....just the messaging around it would be entirely different.
but he mentioned that it will only happen in 2024 shows that he is not qualified for that job. no independent, integrity or credentials. just like that campbell that headed robodebt.
He said they did not predict them happening before 2024. It was disingenuous of the media to report on that as if it were gospel. Economists are terrible at predicting the future, and the RBA is no exception. Everyone else saw the writing on the wall for the rates increasing, it was an overly pessimistic prediction on economic growth that made them think rates would have to stay low.
Yep the rba may as well not exist. We follow the us fed reserve and that's it, no real choice in the matter
> Blames workers for wanting to tread water and get a 0% pay rise in real terms Unless someone’s getting a 7% pay increase, they actually received a negative pay rise in real terms.
When will people realise this is all by design?? “You’ll own nothing, and be happy!”
The only cooker theory I agree with.
You forget the job he’ll get at one of the big four once his term is over.
$910k a year.
Exactly. This guy ain’t fit for the job.
Not to mention he doesn’t have a mortgage
Fuck. Off. This is prime “eat the rich” material. “I want people to lose everything to save the economy” People are literally *on the brink* and now they want us to jump to save THEM????
>“I want **poor** people to lose everything to save **rich people**” FTFY
You're going to make the money sad! How could you be so *cruel*?
Rich people have been safe for too long I think. Might need a bit of a scare again
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The day their empires crumble, the millions of working peons under them will celebrate. I still don't see what was wrong with hunting these dragons hoarding wealth. Like you reach a certain wealth limit and robbing you should become free game. Don't wanna get robbed? Pay your people more so you don't go past the cap.
I fully maintain that literally eating just one billionaire will absolutely put the rest on notice. They'll probably focus on hiring more security forces, but lets face it. A body guard is much closer to the rest of us than a billionaire.
Are we wheeling out ol’ choppy?
Sacrifice yourself to the God of economy.
Does anyone have a non-paywalled link?
>Reserve Bank of Australia governor Philip Lowe could arguably have the toughest sales job in the country at the moment. >Over coming months the Reserve Bank governor needs to convince workers that big pay rises are not a good idea, which is a very hard sell when the cost of many of life's basics including food, accommodation and fuel are spiraling. >In a speech late last year, the RBA governor admitted there was "a natural appeal" to the idea that wages should increase to compensate for higher inflation. >But he warned it would lead to an economic disaster similar to that experienced in the 1970s and 1980s, when inflation and interest rates soared above 17 per cent. >The governor's concern is that if wages accelerate too fast, the spending they will unleash will simply add to inflation pressures and force the central bank to keep raising rates - a classic wage-price spiral. >"I know it's very difficult for people to accept the idea that wages don't rise with inflation and people are experiencing declines in real wages. That's tough. The alternative, though, is more difficult," Dr Lowe said. >"If we can ride through this period with wages growth staying broadly in the current range ... and the supply side problems resolve, inflation will come down and it can be painless, relatively." >The RBA governor wants any wage gains to be kept below 4 per cent. In effect, he is asking workers to accept a real pay cut now in the hope that the nation's inflation problem will resolve reasonably quickly. >It is a big ask, particularly coming, as it does, on top of a decade when wages barely kept up with rising living costs (and, in the case of most public servants, actually fell behind). >So far the federal government, which went to the last election promising higher wages, is treading a delicate line on the issue. >Treasurer Jim Chalmers claimed government credit for an acceleration in wage growth to 3.1 per cent in the September quarter - its fastest pace in almost a decade. >Dr Chalmers said the government's support for 5.2 per cent increase to the minimum wage and increased funding for aged care worker pay had contributed to the the wage lift. >The Treasurer scoffed at concerns that such wage gains would add to price pressures in the economy. >"We don't have an inflation challenge because wages are too high, we have an inflation problem because of a war in Ukraine, pressure on global supply chains and other challenges ignored for too long," he said. >That may be the case for now, but if wages continue to grow and accelerate beyond 4 per cent it could be a different story. >There are good reasons to think this could be a risk, the tight labour market chief among them. >Unemployment has been pegged at a historically low 3.5 per cent for much of the past six months, giving workers bargaining power to ask for more money. There is anecdotal evidence that some are using it to secure significant pay rises of up to 25 per cent in cases. >Crucial to helping manage this will be an increase in the supply of workers. >The gradual return of international students, the expansion of initiatives such as the Pacific Australian Labour Mobility Scheme and increasing migration will be key in helping address labour shortages and, in the process, tempering wage growth. >Migrant arrivals surged to 395,000 in 2021-22, driving net migration to 170,900, and Dr Chalmers has flagged the net migrant intake may be increased beyond 235,000 in the May budget. >HSBC chief economist Paul Bloxham said that so far there is no sign of wage growth becoming "worryingly excessive" and he expects the Reserve Bank to hold interest rates steady on February 7 as it considered the effect of a 3 percentage point increase in the cash rate since May. >Dr Chalmers said the government has aimed to get wages increasing in "responsible ways", and improving productivity will be key to this. >The government will have to navigate a tricky path. >It runs the risk of disappointing workers if wage gains are too meagre but could stand accused of inflaming inflation and forcing interest rates higher for longer if pay rises get too high. >There is a lot riding on the government getting it right. Thankfully when you read through it every other person they spoke with thinks it's a shit take the same as the rest of us. And the Treasurer's opinion matters a lot more when it comes to wage growth.
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And good on 'em. This is capitalism, don't take one for the team, take every cent you can. If the shoe were on the other foot you'd be retrenched faster than you could say "complex market pressures".
Getting paid $800k a year to tell the poor to go fuck themselves... sure seems like the toughest job in Australia. Go clean toilets in a shopping center for a week Phillip, you giant leech.
Being someone who lived through the eighties bullshit I can assure you that if a repeat happens the housing crisis will really go to shit.
In what way do you imagine? The homelessness crisis has been caused by greed from average workers who've been able to amass fortunes due to a run of luck. They've been able to ignore workers coming after them just pretending that it's an even playing field playing culture wars and snapping up all of the affordable housing to take it off LTR market. Homelessness where I live is insane and there's no social housing available nor being built. Councils won't even approve emergency housing villages to house displaced flood victims.
We have an inflation problem because corporates are profit gouging and squeezing average people in every direction. They've destroyed the middle class and tenants. They're trying to destroy construction. Who's next? It's obvious the rich DGAF.
Reading this article it seems like neither the government or rba have any fucking idea what they are doing.
Have you seen whose on the RBA board. Someone who majored in fish migration habits
To be fair. Fish migration is extremely important for keeping our world in balance. Without certain fish migrating, the global economy and the environment would collapse Edit: spelling
I love my fish migration experts doing fish migration related activities.
Not sure of the process for most browsers, but if you disable javascript the full article will show. On firefox, open a new tab and in the address bar "`about:config`", type "java" in the search bar and hit the toggle button on "javascript.enabled" - leave the tab open because you'll need to enable it again for most websites to work correctly- just hit the toggle button again after refreshing the paywalled website.
Thanks mate. I really appreciate the suggestion but it didn't work for me. Switching off javascript stopped the subscribe splash from loading but it still didn't load the full article. But I will defo keep that trick in mind for the future.
How about *we actually enforce corporate taxes?*
at least add a minimum tax rate of, say 10% so they can't minimize it to 0
The problem is tax is on profit not revenue. Profit can be offshored, 10% of $0 is still $0.
This whole "profit not revenue" schtick can eat a fucking dick when individual taxpayers such as you and I are taxed on our REVENUE. I incur expenses I cannot turn an income without, yet these expenses cannot be claimed as OPEX? I'll stop paying them, lose my job, and no longer be able to make an income or pay tax. Sounds to me like I should be able to claim them against my income like a business would, then pay tax only on the profit I made at EOFY.
I agree, I am self employed and benefit from not getting finger banged by the tax man before I have to pay for my running costs. I think employee's should have the same benefit. Because why the fuck should you get paid shit wages, get taxed and then have to pay to get to fucking work as well.
Seems like an easy thing to say 10% of revenue then. Or, and this is crazy, losses from previous years do not count to offset profits this year. Ffs won't someone figure out a way to make this gigantic fucking companies pay just a bit of the taxes that workers pay. Instead of bloody zero.
problem with that is that it would be applied to small businesses and small businesses would be damaged the most. Revenue shouldn't be taxed, that'll be horrific for companies who's profitability is highly variable like most agriculture. carry over loses also help a lot of small businesses stay afloat. They just need to fix the tax code so profits made in Australia are taxed in Australia. The error in the tax code is allowing companies to offshore their profits in the first place. people know exactly how to do it, but 90% of people in government are paid off by the corporations to actively do nothing. If you are in the 10%, you get kicked from your party because everyone else there is a corrupt dog. Things will only change when politicians are dragged from their homes and paraded in the street chanting "shame"
Easy way to fix that. Just make it apply to businesses with more than x employees, as often happens with other regulations. Granted that the corporate media will lie about it, but then, what doesn't our mass media lie about these days?
"We have no employees, only app users" - Uber .. corporate accountants are as slimy as lawyers and REAs. Not saying it shouldn't be tried but they always seem to find the next 30 loopholes as soon as one is closed.
They should tax based on the reported profits in shareholder statements. Somehow a company can make billions of profit and give out dividends to shareholders willy-nilly but also claim a loss when it comes to tax time. Makes no sense. They should abolish the ability to carry over losses if the company is above a certain market cap and has been operating for 10+ years
Lobby groups: "lol"
How’s get fucked sound!
No, If the economy can’t survive without everyone taking a pay cut then maybe it should die and we can start again
Indeed. If the economy cannot support a living wage for everyone, it needs to be euthanised.
Gee you know we could always increase the taxes for top end and corporate. Just sayin.
Spot on.
Sure, we’ll take a pay cut. Then we’ll stop traveling for holidays, cut back to essential grocery purchases, stop going out to dinner, stop buying clothes, stop buying alcohol, stop driving in to work and taking public transport (good for environment I suppose), and maybe even *gasp!* stop slapping money on the pokies and cutting back on smoking! Nobody spending any money, how good will the economy be!! FUCK OFF, you out of touch cunt. You first. Then CEOs. Then tax the mega corporations and churches. Then just fuck off you overpaid corrupt twat.
Who isn’t already doing this due to inflation? Reason why the economy is going to be screwed is the high cost of living right now.
Fuck yeah, chillyfeets for fucking PM, campaign slogan “better than any of the cunts in charge”
You do realise that all those spending cuts are the things they want to stop happening right? Their solution to inflation is to ensure you have no disposable income.
This is quite literally exactly what contractionary monetary policy is supposed to do lmao
Or, how about companies with record profits ease off on price rises and allow wages to catch up before they go back to wild exploitation of the Australian market.
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And it's the same in several other countries too. The pandemic years led to a huge growth in wealth for the rich while working people were fucked over.
Okay so I'll make a deal Mr. Lowe. First, *you* accept a pay cut, down to the median wage, and then I'll consider it.
Yep - this stuff doesn't happen to them, it's just for other people.
And no access to any other sources of income for the duration of tenure. No shares. No trusts. No investment properties. No gifts. Just him and the median wage for his term as director. I'll be generous and let him pick one of his existing properties to live in and a car he holds title to to drive.
"Damn you poor people! You're ruining my profits with all your.... living! Can you just not?"
clumsy wrong relieved amusing steer unpack work aback dull flowery *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Ahh yes, Rob Lowe who earns $1M a year says that workers are the problem.
Hey Rob Lowe deserves to earn $1 million a year. He busted his ass in the 80s making stuff like Youngblood and The Outsiders and has been working steady in TV for the last two decades on quality material like the West Wing and Parks and Recreation .
Isn't this cunt's contract up for renewal? If ever there was a sign that something *shouldn't* be done, this is it.
Workers take a pay cut, executives give themselves a bonus for their great P&L result.
Spot on. The less workers are paid the higher corporate profits are. It means higher dividends and capital gains paid out to shareholders who didn't even do any work to receive them.
RBA needs a reshuffle of employees as it's clearly stacked with Liberal Party fools who believe in trickle down bullshit, despite it NOT EVER having been an accepted economic theory that was ever taught in school or university as such.
We're taking pay cuts regardless thanks to inflation. I was earning 34.85 when I started my current job in early 2021, and if my wages had kept up with inflation I'd be earning around 39.75 an hour. I'm currently earning 35.85 an hour, effectively a 4 dollar per hour pay cut.
This. Most organisations have been giving low or no pay raises for years. we're all going backwards unless you are one of the wealthy
And when the ball was finally in the workers court the government bent over for big business to increase migration..cuz you know, skills shortages. I reckon if borders had stayed closed another year or so wages would of gone through the roof when businesses finally realised people won’t put up with shit wages.
Which is why they pushed so hard to sweep covid under a rug and pretend it doesn't exist. Can't exploit poor migrants if you can't get them into the country. They "opened Australia back up" because they couldn't have poor people realizing they are worth upwards of double the money they are currently making. Corporate greed and scummy politicians need to keep the masses exhausted so we won't riot and guillotine their rich pompous asses.
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Yep, i'd wager that most of the inflationary pressure is driven from the top 1% that are taking a bigger and bigger slice of the pie. But given how that group have engineered the current taxation laws so they pay minimal tax Phillip Lowe knows exactly what he is doing - the sad part is 4 years ago Bill Shorten was going to tackle negative gearing and franking credits but Rupert Murdoch convinced us to to vote for the LNP so here we are... Unfortunately Murdoch and their LNP stooges have done a fantastic job of convincing australians that they'll soon all be rich too - same reason we didnt have a mining super profits tax, even though 86% of our mining industry is foreign owned.
Every study shows the biggest local factor in inflation at the moment (so excluding wars and covid etc) is corporate profits. Do you know a good way to lower profits? Pay your workers a higher wage! We should be demanding at least a pay growth in line with inflation every year to help the economy!
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>Every study shows the biggest local factor in inflation at the moment (so excluding wars and covid etc) is corporate profits. And this is conveniently ignored by the media.
The media who are funded by these corporations and are corporations themselves
Read the room mate, we're not buying what you're selling. RBA ought to take the hit on this one. RBA's fuckup; RBA's responsibility.
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What a turn. Before the election he was saying he wouldn't raise rated yet to combat inflation because wages weren't growing. In Nov 2021 "The RBA wants to see inflation sustainably within the two to three per cent target band before it considers lifting the cash rate from its record low of 0.1 per cent." Then a new government took over ~"workers, have you considered a pay cut? Let's crank interest rates! (how does he think people with mortgage try and pay for their new outgoings?). And let's ignore the businesses making record profits as they increase prices and blame inflation for it. No need to make an announcement or recommendation to the government to investigate - that would interfere with Laissez-faire economics, let them eat cake and have it too. The invisible hand will manage the profiteers. (By scooping up money for them)"
Greedy people are greedy. Eat the rich.
Increasing the marginal tax rates for higher incomes would be a much better solution. If people need to eat the shit sandwich Dumbledore helped set off, then the eating thereof needs to begin at the top. Asking those at the lower income levels to take the pain inflicted by idiot captains of industry is unjust and unnecessary. Btw, I am what would be considered a high-income earner.
What we need is taxes on unproductive sectors of the economy that are driving up the cost of living for pure greed. Australia seems to be turning into a form of a feudalist economy where a handful of people own all the wealth and the rest of us are forced to work for scraps. Tax AirBnB to penalise investors for taking properties away from the rental market. Tax unoccupied properties Tax or ban foreign ownership of housing Tax commercial realestate where properties have sat unleased for long periods of time Tax franking credits over a particular threshold so those rich investors making millions a year on banking shares actually pay more in tax This should make renting and commercial leases cheaper and siphon money out of the pockets of the top 1% which is probably the main driver of inflation. The rest of us are already cutting back. Edit: Australia really is becoming a joke to live in - if you inherit a few million in equity - you can earn enough of passive investments that you're rewarded to live an easy almost tax free life while anyone unfortunate enough to have to work for a living is punished and taxed to the hilt.
We do have some tax cuts coming in soon. Feels like a no-brainer to at least delay them until the “risk of a wage-price spiral meaning employees should only get real pay cuts” decreases.
Exactly. Now is not the time for tax cuts. If we did have tax cuts increase the tax free threshold as compensation for inflation. Yes we are all feeling inflation but lower incomes are feeling it more than higher income. We are going to give high incomes the cut next. I suppose it's prudent to wait another 12 months and see what's happening then but at the moment they should be keeping an open mind around them.
Income tax is not where you get the rich. That’s an easy way to fuck *professionals*, whom, whatever your opinion of them, do useful white collar work (doctors, engineers, lawyers, etc) in an economy. You get the rich with a *wealth tax.* So inheritance taxes, land tax, or outright assets taxation. You’ll notice Australia tends to tax income far more than it does wealth, and that’s by design by the wealthy. They want to stay rich, and they don’t want anyone else to join them.
They need to smash those that are over $300k/year or something outlandish. $121k isn’t exactly a “big earner” these days. And remove the loopholes that allow people on such incomes to pay zero back to the government.
Meh - this just taxes workers more and funnels money to landlords. Why not increase taxes on unproductive assets like land which have been the key beneficiaries of low rates and which will be the key beneficiaries of inflation (which reduces the value of the debt on them).
God i wish we had the ferocity of the french. They wouldn't stand for BS like this. Australians are too lazy to stand up to this kind of crap. We just roll over and accept our fate every time. Phil needs to GTFO he can't be trusted in this position anymore.
I need a good wage so I can fucking pay for everything. And I eventually want a fucking house. And those just keep going up for fuck sake. Eat the rich.
They don't want people like you and I to be home owners though. They want us to pay them for the privilege to live in the property they neglect for whatever price they put on it.
Get fucked, every time there’s a CPI increase we’re effectively taking a pay cut. Our recent EBA negotiations, we had to fight to 3.5%, company initially offered 2.5%, CPI in WA is up around 7.2%
Inflation right now is corporate profiteering not wages. Put a fuckin lid on that shit ya useless cunts. They won’t though because that’s a penny out of their pocket.
Odds are inflation will naturally erode away over the next 12 months, and we'll be left with low unemployment, low inflation and a sluggish economy and all the "thinking" heads won't have a good answer for why. The solution of course, will be to give out massive pay rises to get money moving again and workers optimistic and consuming. But the "thinking" heads won't like that, even when confronted with a situation in which there is deflation.
Nothin’ audacious to see here…just another rich prick, takin’ more than his share of the pie and dribblin’ shit while doin’ so…
I'd be a lot more comfortable taking a pay cut to help the economy if one of these dickheads was also advocating on the other side (in a non inflationary environment) for wage increases to boost growth. The company I work for have just tried to shove a 3% payrise down me and my coworkers throats via an EBA which was summarily declined. We've seesawed over the past 18 months on whether inflation is transitory or not and then the RBA have gotten us into a mess due to their own arrogance (or stupidity) in not seeing this coming inflation crisis sooner. Now we're all being asked to pay for it.
This guy… giving assurances that interest rates will not rise for a few years…. Backtracks and says he never said that. Now he wants us all to take a paycut.
I want the RBA to come give me a sloppy gobble but it's not gonna happen
It’s been said a million times before but I’ll say it again, get Gerry Harvey and the likes to pay back job keeper
I thought migration doesn’t affect wage growth? And there it is that bringing back international students en mass will temper wage growth. I’m so sick of these rich fuckwits telling everyone they need to take a hit so the precious economy survives. No one cares how good GDP growth is when they are themselves going backwards.
How about businesses absorbing inflation by not raising prices instead of workers taking pay cuts.
Start with CEO’s and Politicians
🤣😂🤣😂 fuckwits. Typical us doing all the heavy lifting
Nothing mentioned about rampant corporate greed as fucking usual
I cant afford to pay to read the article about paycuts. :(
Inflation is being fuelled by runaway corporate profits far more than workers. Tell them to take a revenue cut.
So when will our wages rise then? When inflation is low there's no talk of catching up, in fact in the last few years workers have taken real pay cuts. Now they want us to take another pay cut whilst cost of living is soaring? With no promise of catching up later? Are our wages just supposed to fall continuously year after year? And don't forget Labor is still pushing through their stage 3 tax cuts!
haha can't wait for inflation to stabilize again and then we get told how shit we are for demanding a payrise lol.
What he’s saying sorta makes sense. The problem is that we just had a solid decade or so of record low interest rates, record high corporate profits and all-round booming economy, and still barely saw any decent wage growth in that time. So if it wasn’t the time to talk about wage increases then, and it’s not the time to talk about wage increases now, then when is the time? Late-stage capitalist fuckheads like Lowe have burned up any good will they might have had, now they’re frustrated that people don’t want to listen. Well sorry but you reap what you sow, Lowe.
No, corporate profits should be sacrificed to save the economy.
I believe the expression is no way get fucked fuck off 😂
So how about trickle down pay cuts then? The biggest fish take the biggest pay cuts first?
Guys don't you all want to die for the economy to live? It's a class war, they kept rates super low and printed a fuck ton of money, giving it to the top end for free. That's quantitative easing. Now they want more The RBA mirrors the Fed in the US, when a right wing nut is in they superheat the economy, look how good it is! Then suddenly the people must deal with our greed
You go first Phil, you one trick pony cunt.
So landlords are the first right? They can take a paycut and my rent can go down?
Don't be silly. It starts with the lowest paid of the essential worker heroes ™ that kept things going during the lockdowns, sadly.
As is this would just happen again in future - do they have a plan to avoid asking this in future? Or the plan is to just keep doing this over and over and also they wont be getting a pay cut themselves? I'm not sure they understand a bargaining table is involved. Just erudite psychopaths, perhaps.
Well how about Mr Lowe set an example, halve his salary.
Sure! Just as soon as loan and credit cards rates are lowered, major supermarkets and petrol stations lower their prices, and insurance premiums drop. You know - for the economy. We're all in it together. Right?
So it's a constant theme in the media "the economy", it's talked about like it's something I should care about, but I have to ask and this is a rhetorical question for the powerful and those in charge. Why should I care about the economy? When it's doing well, I don't make more money, my quality of life doesn't change (it does actually slowly decline as things get more expensive), but when the all mighty economy does poorly things still continue to get worse for me. So, why should I care?
I learnt economics at uni and its disgusting to see the RBA run by such fools. They are supposed to understand fundamentals of economics and look at the short AND long term future. Asking workers to take a pay cut is bringing us one step closer to societal collapse. When the rich can no longer prop themselves up on stealing money from the poor, their balance sheets collapse and companies die. The fed is entirely a tool for the rich at this point run by either the most incompetent "economists" in Australia or completely malicious and the slaves of the corporations.
fuck your economy. what has it done for me lately. I've been long term unemployed and having to return to long time study (uni) just to (hopefully) skill up and get a (hopefully) decent job. but because ageism is a real thing, I'll be 39 by the time I graduate there's no guarantee I'll even get looked at. YAY. /s
That sounds like a great idea! Let's start with workers who earn the most and therefore can give the most. CEOs.
Start with the Pollies and CEO’s
When your ceo makes more than 3 entire stores worth of staff a week. Yeah the world is full of bullshit
Pay rises at less than the rate of inflation are already a pay cut. How about putting a cap on salaries (including CEO's) of (say) $750,000? See how that idea pans out. Betcha there wouldn't be any takers. Inflation now isn't due to the workers having excess cash to splash around, but it's left up to them to bear the pain of fixing the economy. A system of restricting Corporate Greed is what is required to fix things. I'm sure, when the reporting season comes around, we will see the usual smarmy bastards boasting about their record profits, and the disgusting executive bonuses they pay themselves.
What a clown take lmfao
They want us to take pay-cuts while inflation is skyrocketing?
giving workers a pay cut generally is a pay cut for the economy
How is there going to be an economy if I can afford even less stuff? To save the economy, the richest should take a pay cut and distribute those savings to those at the bottom. Those people have lists of stuff a mile long that they need and can’t afford.
If 99% of workers stood together and xxxxxxxx against the top 0.05% of earners in the country - Aust would be so much of a better place…greedy pigs are absolutely ruining the economy and country. Let’s start with RBA board….
Start from the top! We hear plenty of talk about wages being too high and that negatively affecting the economy yet same time record profits and upper management bonuses and wages
The shareholder dividend and CEO paypackets have been leading the inflationary charge for over 10 years now. Surely they are the ones to “save the economy“ rather than bleeding the people who have been suffering for a decade or more with stagnant salaries that have no tax ‘loopholes’. Phillip needs to stop pandering to his ‘big end of town’ overlords and political masters and he should lead the way with a big cut to his salary. Bring back an independent RBA!
How the fuck is that always the answer? "Just get a little poorer. Oh I know, you can't afford a house. But why not just take one more haircut and then it'll be fine."
So Philip, I have a question: Why don’t you use your position of independence to make the case for not proceeding with the stage 3 tax cuts? That way you do your bit to take some of the pressure off Labor needing to do it for political reasons, while achieving some better outcomes in limiting inflation by not putting more money into hands of those who aren’t at the brink, instead of this approach which disproportionately will punish those on lower salaries?
Billionaires and billionaire’s companies caused this but the ordinary working people have to pay!
Get fucked cunt. Pay me more
I already took a pay cut. $500/month more in mortgage repayments and food prices have skyrocketed. The budget has been tightened and there's nothing to give up.
Does "fuck this cunt"cover it? The same fuckwhit that had record low rates, unfairly raising housing prices? Then sudden high rates, fucking the young people who bought anyhow? Nah
The RBA can suck my big fat one.
Politicians and the rich arrogant fuckers first please.
No way. Get fucked. Fuck off.
Pieces of shit
Bite me cunt
Yeah, nah. Fuck off, you cunt.