Original article by Peter Martin
The Sydney Morning Herald – Page: 18 : 21-Jun-18
Growth in Australian wages has traditionally averaged almost four per cent a year, but wages growth had fallen to just two per cent by 2016. Wages growth remains low, despite the fact that the unemployment rate is at around the same level as it was in 2012. The declining influence of unions in the workplace has contributed to the subdued wages growth, as have large-scale job losses in the public and private sectors. In addition, many employers are reining in their wage costs in anticipation of another global financial crisis, given that pay cuts were not feasible during the last one.
RESERVE BANK OF AUSTRALIA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA. FAIR WORK COMMISSION, BANK OF ENGLAND