It’s not the kind of thing that will make headlines at the Jobs Summit. But shifting to monthly wage surveys could help the Reserve Bank to avoid a costly interest rates mistake.
Yet, there’s a real risk that it descends into the usual fight over shares of the economic pie in Australia rather than focusing on how to grow the pie .
Yet, unless there’s a second war, a second pandemic, plus a second lot of floods, then the bulk of risks around inflation entrenching itself in this nation will soon boil down to one simple question: will wages start to chase prices? That’s a problem. Napoleon famously said that an army marches on its stomach. Here’s my version: good policymaking – including better job and wage outcomes for Australians – marches on having good data.
That means the RBA is flying blind as it tries to raise interest rates by just enough to ward off ongoing inflation, but doing so without adding to jobless queues any more than that task requires.
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