Profits and wages are rising — but it depends on which industry you're in

Both workers and business owners saw an increase in earnings last quarter, although the results varied greatly depending on which industry they were in.Accommodation and food services, mining and transport were the strongest sectorsThe Bureau of Statistics December quarter data on profits and wages, which feeds into the economic growth figures to be released on Wednesday, shows both growing at 0.8 per cent, seasonally adjusted.

"Wage incomes up 0.8 per cent in the period were relatively consistent with hours worked, which rose by 0.4 per cent in the quarter," Mr Hanlan wrote in a note on the data. Analysts at UBS said this result was reflected in the corporate reporting season for the half-year to December 31 that just ended last week, with resources companies expected to continue leading profit growth this year.

However, by far the weakest sector for profits was financial and insurance services, where company earnings slumped 26.6 per cent, seasonally adjusted, although wages and salaries rose 2.4 per cent.

Yeah, if you are in the industry of profits, your profits are rising. But if you are in wages...

So in every sector wages went backwards wrt inflation?

Profits are rising but wages aren't

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