ACTU Secretary Sally McManus slammed the Reserve Bank of Australia governor for being 'out of touch with reality' for believing pay rises could lead to a 1970s -style wage-price spiral.
RBA governor Phillip Lowe cautioned on Tuesday pay rises should be capped at 3.5 per cent, which is half of the 7 per cent inflation forecast for the end of this year, to avoid a 1970s -style wage-price spiral.
Stream more on politics with Flash. 25+ news channels in 1 place. New to Flash? Try 1 month free. Offer ends 31 October, 2022 “All of this is just a fantasy because they don’t understand what actually happens at the bargaining table,” Ms McManus told ABC Radio. She added the make-up of the RBA board was lacking in a figure that could participate in negotiations for wages or the wage-setting system from the workers’ side.
Opposition Leader Peter Dutton weighed in on the criticism on Thursday, saying a Union appointed leader on the RBA Board would be a “disaster”.
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