The federal government is pinning its hopes on major economic reforms out of its jobs and skills summit. But workers are looking for real wages growth.
The biggest fall in Australians’ real wages on record has intensified pressure on the federal government’s looming jobs and skills summit to come up with ways to boost take-home pay and future-proof the economy against major structural changes.
The Reserve Bank, lifting interest rates at their fastest rate since 1994, says businesses are reporting real struggles to find workers which is translating into higher wages. Some firms are paying sign-on bonuses to attract staff or making generous lump-sum payments on top of ordinary pay rises. Through the June quarter, about 14 per cent of the workforce enjoyed an average pay rise of 3.8 per cent, which is the highest rate since 2012. The figures pre-date the 5.2 per cent increase in the minimum wage which started feeding into the pay packets of low-income earners from July 1.While wage growth will be a dominant issue at the jobs summit, the government’s discussion paper for the event suggests it is looking at longer-term issues.
While wage growth will be a dominant issue at the jobs summit, the government’s discussion paper for the event suggests it is looking at longer-term issues. One of those likely to attend the summit, ACTU secretary Sally McManus, said the wage price index figures confirm workers’ wages had fallen back to 2011 levels, arguing the summit had to deal with the “serious failure” of the income system.
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