The Reserve Bank has rejected union claims that price-gouging companies are driving high inflation, finding “little evidence” for such an argument.
The Reserve Bank of Australia has slapped down union claims that price-gouging companies are driving high inflation, finding “little evidence” for such an argument, as it warned of the prospect of further rate rises.
But outside the mining sector, the RBA said profits had grown at a similar rate as wages. Company-level data showed “little change” in the distribution of profit margins. Labour productivity, represented by the level of output produced per hour of work, is the same today as it was three years ago, after falling 4.2 per cent since its peak in March last year.
Another major driver of inflation is soaring rents, which are increasing at their fastest rate in a decade.
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