Austraila’s minimum wages now operate in relative isolation. Until the 1990s they were part of an inter-connected system.
There are two ways that international competition can reduce wages. Both are effects of globalisation.
Data shows that growth in total CEO pay has outstripped average Australian wage growth in every year of the last five years. But perhaps we need to look more closely.
The costs of casual work are now outweighing the slim benefits in wages (and even those are not as much as they used to be).