Workers have experienced the strongest annual wage growth in a decade but it remains within Reserve Bank forecasts, tempering fears the larger pay packets will fuel an interest rate rise next month.
show board members were willing to keep lifting rates depending on how the economy evolves.
“Unless you’ve received a promotion or changed employer recently, there is a good chance that your salary buys a lot less now than it did a year ago.”. But there is still a chance the RBA lifts interest rates again, potentially as soon as next month according to Sean Langcake, the head of macroeconomic forecasting for Oxford Economics Australia.
“We want to see those real wage increases. The pathway to that will include needing to put downward pressure on inflation,” he said at the National Press Club on Wednesday.“Labor promised an increase in real wages before the election, and they themselves in these budget papers had admitted in this term of government, in these three years, that ain’t going to happen.”
In late June, the Fair Work Commission will hand down its decision on the minimum wage rise, which will directly affect about 180,000 workers but will have flow-on effects for up to 2.7 million people whose pay is set by an industry award. The government supports the minimum wage rising in line with inflation.
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