Are you getting more than a 3 per cent pay rise this year? Most workers’ real incomes are still going backwards, an analysis of recent workplace agreements shows. | By Ben Schneiders benschneiders wages inflation
Analysis of the most recent workplace agreements shows a typical pay rise was just 3 per cent.Reserve Bank governor Philip Lowe wants economy-wide wage increases of up to 3.5 per cent.Workers’ real incomes are still going backwards, with the most recent workplace agreements showing the typical pay rise was just 3 per cent, despite soaring inflation.
Reserve Bank governor Philip Lowe recently warned of risks to higher unemployment if wages rose too quickly to match inflation, which is. He wants economy-wide wage increases of up to 3.5 per cent. About 35 per cent of Australian workers have their pay set by collective agreements, although that has been declining over the last decade. In that time 1.4 million extra workers now have their pay set by the minimum rates set by workplace awards, which tend to be at far lower rates.
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