A low wage growth has been identified by the Reserve Bank as a drag on the economy and a reason behind people’s worries about their own future and that of their children, according to Reserve Bank Governor Philip Lowe.
Polling conducted by the Australian Council of Trade Unions (ACTU) in August last year indicated that four in five employed people had not had a pay rise that kept them ahead of living costs in the previous year, with half receiving no pay rise at all.
Mr Lowe made it clear that for our economy to run well, working people need fair pay rises – which we are not currently getting.