Opinion: ACTU Secretary Sally McManus accused Reserve Bank governor Philip Lowe of “living in Boomer fantasy land”. Industrial relations are back, baby! | JacquelineMaley
Born in 1961, Reserve Bank governor Philip Lowe just skates into the Baby Boomer bracket, which is open to people born between 1946 and 1964.
More generally, Boomerism is a vibe – a blithe, entitled indifference to the hardships of younger generations who have received zero dividends from the postwar boom-times. But McManus was apparently incensed by Lowe’s speech, in which he said he wanted wage growth to be capped at about 3.5 per cent, as an “anchoring point”.
Enter McManus, who intimated Lowe had lost touch with reality. “All of this is just a fantasy because they don’t understand what actually happens at the bargaining table,” she told ABC RN. The wage price index was not even close to 3.5 per cent, “let alone 5 per cent, let alone 7 per cent”. So the idea that large-scale, across-the-board pay rises will fuel spiralling prices is unlikely, although formal award wage rises probably do form a kind of unofficial benchmark for other workers.McManus also told RN the Reserve Bank board “doesn’t have anyone there who participates in negotiations for wages or the wage-setting system from the workers’ side”. Unionists have been excluded from the RBA board since John Howard was prime minister.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Inflationary mindset could block ‘narrow path’ to target: RBA chiefSpeaking in Zurich, governor Philip Lowe says Australians need to rediscover their faith in the RBA’s actions or risk even higher interest rates, reports hansvan333.
Read more »
'Disrespectful' golf defectors handed massive finesThe European Tour has announced sanctioned for players who competed in the Saudi-backed LIV Golf Series.
Read more »
Kyiv orders troops to pull out of Sievierodonetsk – as it happenedThis live blog is now closed. We will be returning in a few hours to bring you all the latest developments
Read more »
'Special moment' as home crowd thanks Aussie cricketersAustralia took a consolation win in the fifth one-day international against Sri Lanka, but the victory had a surprising effect on the home crowd.
Read more »
NT's power corporation buys gas from exporters to keep lights onThe Northern Territory's electricity provider has pulled an emergency lever after its regular supplier could not deliver enough gas.
Read more »
Protesters disrupt Chinese envoy’s speechThe ambassador has pulled back from Beijing’s 14-point list of grievances, saying it was never a list of demands of policy concessions from Australia.
Read more »