It seems that the pendulum has finally started turning between profits and wages, with business earnings up a meek 0.5% in the first quarter, while wages and salaries rose 1.8%.

Things weren't quite as subdued as they look for most businesses though, with a 2.2 per cent slide in mining profits on the back of falling commodity prices more than offset by a 3.3 per cent jump for non-mining industries.

"Of the non mining industries, professional and businesses services (our grouping of ABS data) was the biggest contributor to the strong result with profits up by 6.5% in the quarter," wrote CBA economist Stephen Wu.

"Also providing a solid boost was transport (+10.1%), manufacturing (+5.0%) and construction (+2.9%)."

Perhaps the construction industry's "profitless boom" is finally coming to an end? Although it's likely the second word in that phrase, "boom", is also likely to end shortly with residential building approvals tumbling to decade lows.

But, while many businesses continued to increase earnings, those reliant on more discretionary consumer spending seem to be coming off the post-COVID boil.

"In addition to mining, profits in wholesale trade ( 4.5%), retail trade ( 2.1%) and accommodation and food services ( 14.0%) saw falls in the quarter," added Mr Wu.

"These three industries are reliant on consumer spending and may point to emerging weakness.

"Delving a little deeper into the 'other' category that we report on, profits in the recreation industry were down by 7.9% in the quarter."

This may also be reflected in rising inventories, which are going to add to economic growth in the first quarter but can be a sign of weakness if they are the result of lower than expected sales.

"Wholesale trade and accommodation & food services inventories are well above their average stock levels in 2019 (+13, 15%). Retail trade inventory is close to its 2019 average levels," observed Mr Wu.

The 1.8% March quarter rise in the ABS measure of wages and salaries was much stronger than the 0.8% increase in the wage price index for the same period.

The difference is that the broader measure published today captures the effects of population growth (more people working more hours), promotions, pay rises from changing roles or employers, and bonuses.

"The biggest rise in wages paid came in education (+4.4%). Also recording solid growth was health (+3.3%), information technology (+3.2%) and utilities (+2.1%)," wrote Mr Wu from CBA.

"Real estate services was the only industry to record negative growth in the quarter, down 0.4%."