In the last three months of last year, households in NSW, Victoria and the ACT came out of lockdowns and spent money propelling almost all of the economy growth in the economy.
But while households are providing all the growth, workers are missing out on the rewards. The share of GDP going to employees hit a record low in 2021 and as government stimulus begins to be withdrawn the picture is not as optimistic as the (erratic) quarterly growth figures might suggest.
Please see Greg’s full commentary in The Guardian: “Don’t get too excited by Australia’s rebounding economy – it’s a distorted snapshot of the true picture.”
The post Australia’s Lopsided Economic Recovery appeared first on The Australia Institute's Centre for Future Work.