Headline on Morning report. Listen here.

New Zealand's rapidly growing economy has resulted in a big boost in corporate profits.

First NZ Capital found that 60% of listed NZ companies had profit growth of more than 3% in the latest earning season, and of those, nearly three quarters reported

The investment banked says optimism about the coming year also prompted two thirds of corporates to lift their dividend

Official figures show that average pay increases are the lowest in more than 13 years, however, and unions argue that workers should be getting a fairer share of the profit rises.

Employers say that skilled workers should be getting heftier pay packets, but unskilled workers could continue to miss out.

Comment:

This is a complete contrast to the just posted item on the Government accepting many of the recommendations of the Health Select Committee.

Substantial profits again are being distributed to the corporate seniors and shareholders, whilst virtually ignoring those who actually do the work and result in those profits.  Surely there is room for a fair share at all levels.

The contrast of skilled versus unskilled workers is also anathema.  Why aren't the skills to do a good job cleaning the office counted?  I bet those who provide the board room meals would be noticed if they didn't arrive!

It is this sort of attitude, hard not to describe as greedy, that has resulted in New Zealand's wealth becoming more unequally distributed over the last thirty years, faster than nearly all of the other OECD countries.

 

 

 Archie Kerr has been a General Paediatrician at Hutt Hospital for over 30 years.  Confronted regularly with the social factors that are important in the health and well-being of children, he has increasingly become aware that only major changes in the economic climate can improve their situation.