The Australian Chamber of Commerce and Industry’s Andrew McKellar says while the gap between wages and inflation is “obviously an issue”, the Wage Price Index is a “very narrow measure”.
This comes after the Australian Bureau of Statistics on Wednesday revealed wages rose 2.6 per cent in the year to June.
“It’s obviously an issue but I think one of the things that we’ve got to look at here is, is that Wage Price Index really telling the full picture?”, Mr McKellar told Sky News Australia. “It’s just basically picking up ordinary earnings and ordinary time, there’s no account for compositional changes, changes in the nature of work that people are doing or the extra compensation they’re getting in some cases.”
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