It's companies putting up prices to boost profits, not wage increases, that are a key driver of the nation's surging inflation levels, according to the report.
Source:Rising profits levels in the Australian corporate sector, not wages, have been identified as one of the key causes ofIt comes as Treasurer Jim Chalmers warned families would have toas inflation continues to rise, adding to the rising cost of living.
“Australia isn’t experiencing a wage-price spiral, it’s at the beginning of a price-profit spiral,” Mr Denniss said. “While companies are arguing that they have ‘no choice’ but to increase their prices, the fact that they are making record and rising profits is proof of how many choices they really have.
"It is clear that competition policy and other policies designed to control prices have a significant role to play in Australia."
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