The Spark July 2010
Philip Fergusson
Over the past quarter century, workers in New Zealand have been working longer, harder and faster for less pay and in worse conditions. For instance, as Unite union’s national director, Mike Treen, calculated, using official government figures on wages, in the period from the early 1980s to the mid-1990s, real wages – what your wages can actually buy – declined by 25 percent. This decline was the result of the policies of the fourth Labour government and the first term of the fourth National government. Since then, wages have not recovered and remain only three-quarters of their 1982 level. (See: http://www.unite.org.nz/?q=node/704)
The transfer of wealth upwards is also revealed in the fact that corporate profits as a share of GDP rose from 34% in the mid-1980s to 46% in 2005, while wages as a share of GDP fell from 57% at the end of the Muldoon era to 42% in 2005. [Read more…]




Subscribe to RSS feed
You must be logged in to post a comment.