Economic growth has picked up in Australia with GDP jumping 0.9% in the second quarter for an annual 3.4%, the strongest since the highs of the mining boom in 2012.
Profits share of GDP was steady at 27.8%, again the highest since 2012.
But the wages share of GDP was down to 52.2%.
This chart from UBS tells the story of higher profits and falling wages:
Strong spending at retailers was largely responsible for the good GDP numbers.
But the spending came from household savings rather than wage growth which is stuck at round 2% a year.
Wage growth in Australia rose by 0.6% for the June quarter in seasonally adjusted terms, leaving annual growth at 2.1%, according to the Wage Price Index released by the Australian Bureau of Statistics.
ASX-listed companies just had their strongest reporting season since the GFC. Three-quarters (77%) of ASX-listed companies posted higher profits and 86% of them increased dividends or held them constant.