ANALYSIS: As one arm of government is pushing wages up, another is cutting consumers’ spending power by increasing interest rates.
AdvertisementRoss baked some modest restraints into the decision. Some industries still struggling, including aviation, tourism and hospitality, won’t have to raise wages until October 1.
He was also able to negotiate a consensus among his fellow commissioners, which may have avoided awkward commentary about wage rises feeding through to prices. Even Melbourne University economist Mark Wooden, a previous dissenter from what he regarded as damagingly large increases, signed up to the decision.
Despite complaints to the contrary, business rewards more efficient workforces. Australians received wage increases above inflation almost every year for a decade until the pandemic hit, according to chart nine in the commission’s decision. Then, sitting isolated at home, they started to slip behind. A 2.1 per cent fall in 2020-21 reversed a similar-sized increase the year before.
With inflation heading towards 7 per cent, according to the Reserve Bank of Australia, Wednesday’s decision will not increase real wages overall.is the senior correspondent. He writes about politics and business from the Sydney newsroom.
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