Aiden

The Australia Institute’s analysis compares profits with December 2019, just before the pandemic, which seems to me a reasonable starting point. The AI used national accounts data to September 2022 (the latest then available) so the numbers are a little different to the ones in the business indicators survey, but the pattern is similar.

According to the ABS data, between the December quarters of 2019 and 2022 (seasonally adjusted):
Mining profits rose by 126%, to $65 billion
Total profits rose by 76%, to $119 billion
So non-mining profits rose by 39%, to $55 billion, and mining accounted for more than half of all corporate profits during the quarter.

Over the same period:
Mining sales of goods and services rose by 69%, to $131 billion
Total sales of goods and services rose by 28%, to $948 billion
So non-mining sales of goods and services rose by 23%, to $817 billion

In December 2022
Mining profits were 48.3% of sales, compared to 37% in December 2019
Total profits were 12.6% of sales, compared to 9.2% in December 2019
Non-mining profits were 6.7% of sales compared to 5.9% in December 2019

So yes, there was a small increase in non-mining profit margins, but this measure is quite volatile and 6.7% is comfortably within its range of 4.6% to 7.4% in the 10 years to December 2019. The AI’s claims of a “profit-price spiral” do not stack up.

If Albanese has an ounce of sense, following in the Goaf's footsteps would be last he'd do !

Thank you GY for an interesting article. Good to see Bernie Masters knows his history. With the advantage of 20/20 hindsight it is easy to see just how bad Whitlam, Rudd and Gillard were for the future of the nation. It's a bit more difficult now. Climate frolics, modern monetary theory - problems coming home big time (inflation), Russian war and Chinese belligerent hegemony for starters. In my view the most urgent problem facing Australia is "the voice"
I believe all true Aussies including me, are very indebted to Senator Jacinta Price, The Australian commentators especially C Mitchell and J Albrechsten, plus much valued real historian Keith Windschuttle for their cogent analyses of the underlying objectives of the promised referendum for the creation of a constitutionally imposed VOICE within the Australian Federal Parliament. There is now abundant evidence that, as posed, the referendum will permit direct challanges to the Parliament, facilitate sovereignty claims for various parts of Australia, and divide the nation racially based on a subjective definition of aboriginal descent. The latter of course will only stop when all Australians claim some Aboriginality which is of course impossible - so it will be forever. Long before then a sovereign Australia will have ceased to exist. Yet PM Albo has been in my view deliberately deceptive about this issue.

A far right nationalist refers to his "true Aussies (including me)". Given your rabid hard right opinions, coupled with recent election results including in WA, I would say you're in the half a percent minority, just like Dutton. The vast majority have voted for progressive candidates and are firmly in support of the Federal Labor government.