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Rising profits v stagnating wages show increasing inequality

Rising profits v stagnating wages shows increasing inequality

Company profits are increasing much faster than the wage rates of working Kiwis, showing the gap between the haves and have-nots is increasing, said Labour’s Finance spokesperson David Parker.

“The vast majority of Kiwi families are just treading water. Wage rates have increased in the past year by just 1.6 per cent[1] which is exactly the same as the inflation rate. That’s why so many New Zealanders feel they are not getting ahead

“In contrast a First NZ Capital report showed almost half of all listed corporates’ profits are increasing by over 10 per cent. And 60 per cent of listed corporates’ profits are rising by over three per cent.

“The gap between the have and have nots is getting wider. Not only are profits rising much faster than wage rates but home ownership rates are falling. That’s totally against the egalitarian spirit of our country.

“National is crowing about the economy climbing out of our deepest recession in modern history but this shows the recovery will only go to the few at the top.

“For the rest of New Zealand the recovery is a pipedream,” says David Parker.

ends

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