Unions have warned the Albanese government it won’t live up to the wage growth forecasts in the budget unless June’s minimum wage rise comes in at 7 per cent. auspol
The Australian Council of Trade Unions has criticised Treasury’s strong wage forecasts of up to 4 per cent over the next year as “overly optimistic” and clashed with its assumptions that a minimum wage rise in line with last year’s 4.6 per cent to 5.2 per cent increase would be enough to justify its forecasts.
In last week’s budget, Treasury forecast wage growth to rise to 3.75 per cent by June 2023 before lifting toThe forecasts were based on next month’s minimum wage decision and the 15 per cent pay rise for 300,000 aged care workers on June 30, which together the government expects to add 0.5 percentage points to wage growth in 2023-24.
“They may be overly optimistic in circumstances where last year’s annual wage review decision had the effect of only lifting the Wage Price Index by 0.29 percentage points,” the submission said. “Should the panel decide not to adopt a similar approach this year as last year, but instead adopt the ACTU’s claim of 7 per cent, then it is more likely to reach the Treasury projection of 0.5 percentage points of wage growth, reassured in the knowledge that this remains consistent with inflation returning to target,” it said.
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