The Australian profits share is higher than in the US, but we should not make too much of the difference in levels – there are possible differences in the relative sizes of incorporated and non-incorporated sectors, the extent of public versus private sector ownership of the capital stock, and so on.
But the trends, and levels relative to longer-term averages, can be more meaningfully compared. The differences in the extent of the falls in profits since 1998 are quite striking. US profits are back to 1990 levels; Australian profits are similar to the post-recession average, and look nothing like a recession scenario.