AI Group’s annual CEO survey shows CEOs forecasting more flat-lining wage growth and insecure work in 2018.
The survey shows CEOs calling for ‘modest’ wage growth, which is simply another way of saying that record low wage growth will continue.
It confirms that the tax cuts that big business are pushing for will not be passed on to workers, but simply held as increased profits while workers continue to suffer through low wage growth and insecure work.
The Turnbull Government’s tax cuts are a transfer of wealth from the working, tax paying people of Australia to the very rich.
Quotes attributable to Ged Kearney, ACTU President:
“The result of this survey is clear, big business will pocket any benefits from the tax cuts, and create more insecure work and continue record low wage growth.
“This is further evidence that big business has too much power, and we need to change the rules so working people can get higher wages and more secure work.
“The Turnbull Government’s tax cuts will make inequality worse, they will do nothing other than move money from working people to the very rich.
“The absurdity of giving $65 billion to big businesses which we know don’t pay their share of tax cannot be overstated. This is a cash handout to the Government’s mates, plain and simple.”
“This survey also shows that the average CEO can’t see a link between not paying workers more and people not having money to spend in their business. The lack of economic literacy is concerning.”
“We need to change the rules to give working people more power to fight for wage increases. The Turnbull Government’s alternative is to be led by business into a future of even more insecure work and lower wages.”