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Posted: 2023-02-27 05:10:35

While workers' pay packets are growing at the fastest pace in a decade, profits are still rising even faster, according to official data.

The Bureau of Statistics releases data on the size of corporate profits and workers' compensation each quarter.

Its latest figures, for the December quarter, show company gross operating profits rose 10.6 per cent, seasonally adjusted, over the final three months of last year.

Investment firm JP Morgan described it as a "significantly stronger" number than it was expecting.

The annual increase in profits was 16 per cent.

Not just mining and energy firms boosting profits

This latest ABS data also points to profits being generated across a wide swathe of the economy, not just the resources sector.

Company profits rose in all sectors, except for rental and real estate.
Company profits rose in all sectors, except for rental and real estate.(Supplied: ANZ)

"There's no doubt the energy industry has been the source of the biggest inflationary profits in the whole economy," the Australia Institute's Jim Stanford said.

He authored a recent report that argued 69 per cent of inflation over and above the Reserve Bank's target range of 2 to 3 per cent related to corporate profiteering.

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