Rex Patrick (SA, Independent) Share this | Hansard source

I rise this afternoon to make a quick contribution. I want to draw the attention of senators to two graphs that I think are important. The first of these is the ASX 200. It's sitting at about 6,885 points at close of business today. It's actually very close to where it was in February last year, just prior to COVID, when it was in the low 7,000s. That's one graph where we see companies doing well. We see wealth and prosperity in a particular camp. Another graph, the Australian Bureau of Statistics Wage Price Index, goes in the opposite direction. It shows that wage growth has collapsed over the last decade. That is concerning, because, whilst I absolutely respect the idea that those who go into business, invest and take a risk should get a rightful return, it's got to be proportionate and reasonable. Wealth and prosperity need to be shared by all of those involved in economic activity. So these two graphs cause me great trouble. I see workers paying tax. I see companies not paying tax. These are the sorts of differences that I think we need to look at very, very closely. There's lots and lots of focus on the traditional battlegrounds for Labor and Liberal in relation to IR. I get that there is absolutely a need to protect workers' salaries and to look for an increase, but, as I look at this next IR bill, I'll be looking at it through the lens of prosperity for all.