Australia's 2005/6 GDP was $921,747m. Therefore 0.1% was $921m. So let's crunch some numbers here ... how many people were earning above the minimum wage?
Minimum wage was $511.86 per week in 2005 http://en.wikipedia.org/wiki/Minimum_wage#Australia
An approximate number of people earning at least this was 16 million people.
So, if we assume that people earning above the minimum wage are the main contributors to realising GDP (yeah, ok, but what other number can I use??), I should be earning $57 more per week? An extra $3,000 per year could buy me a pretty cool new bicycle every year!!
$$$
The wages share of GDP has moved from 53.9% to 53.8%
This is supposed to be a good thing??
http://www.abs.gov.au/ausstats/abs@.nsf/7d12b0f6763c78caca257061001cc588/6d78e92a3f2bc51aca25727200796236!OpenDocument
Australia's 2005/6 GDP was $921,747m. Therefore 0.1% was $921m. So let's crunch some numbers here ... how many people were earning above the minimum wage?
Minimum wage was $511.86 per week in 2005 http://en.wikipedia.org/wiki/Minimum_wage#Australia
An approximate number of people earning at least this was 16 million people.
http://www.censusdata.abs.gov.au/ABSNavigation/prenav/ViewData?action=404&documentproductno=0&documenttype=Details&order=1&tabname=Details&areacode=0&issue=2006&producttype=Census%20Tables&javascript=true&textversion=false&navmapdisplayed=true&breadcrumb=POTLD&&collection=Census&period=2006&productlabel=Gross%20Individual%20Income%20(weekly)%20by%20Age%20by%20Sex%20&producttype=Census%20Tables&method=Location%20on%20Census%20Night&topic=Earnings&
So, if we assume that people earning above the minimum wage are the main contributors to realising GDP (yeah, ok, but what other number can I use??), I should be earning $57 more per week? An extra $3,000 per year could buy me a pretty cool new bicycle every year!!
-- mpp