A large majority of Australian taxpayers will benefit from the revised tax package, despite the impact of bracket creep over the next decade. But long term, these tax cuts come at a high price.
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Articles on wages growth
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Our concerning finding is “non-compete clauses” are even more widespread in Australia than in the United States. And it’s not only among CEOs: even childcarers and yoga instructors are affected.
Australia faces an unpredictable global outlook, rising interest rates and wages not keeping up with the cost of living.
A comparison of 17 OECD countries shows those with multi-employer bargaining had worse wage outcomes than those enterprise bargaining.
Economic conditions today are very different from those that informed Bob Hawke’s 1983 summit – and that will affect what unions and the government can get from each other at the 2022 summit.
The treasurer promised a “confronting” economic statement, but it held out hope of only a short spike in inflation and a recovery in real wages.
Dark warnings about rising labour costs ignore the importance of profits in driving higher prices.
Lifting wages will be a priority for the Albanese government to ease the cost of living. But the unions and the Greens are likely to push for more changes to tackle problems with the Fair Work system.
Michelle Grattan discusses the political week that was with Emma La Rouche from the University of Canberra’s Media and Communications team
The buying power of wages shrank a record 2.7% over the year to March, calling into question assurances about the link between low unemployment and high wage growth.
The buying power of wages began slipping mid last year year. The wages share of national income has been sliding since 2016.
Of the news on prices, wages, interest rates and unemployment, only the unemployment update looks set to be positive for the Coalition.
Australia’s Reserve Bank no longer says it is patient, but it is unlikely to move move until it sees widespread higher wage growth.
For the first time, there’s almost one job vacancy for every unemployed Australian. But that isn’t translating to better wages.
Away from the states bouncing out of lockdown, spending growth was weak. The next figures, to be released after the election, might show the economy turning down.
Unemployment is far lower than predicted and isn’t setting off the kind of inflation seen in the United States. There’s no telling how much lower it can go.
Attributing Australia’s economic success to closed borders runs the risk of leaving us with the wrong lesson the next time the things turn down.
The Conversation’s expert panel predicts prices will rise faster than Australians’ pay can keep up in 2022 – and that’s not their only concern about the local economy.
Small businesses are less productive, less innovative and pay staff less than big ones, and even before the pandemic they were shedding jobs.
True wages growth, and true price growth, is probably less than the official figures suggest – meaning there’s no need for alarm about inflation in Australia.
Top contributors
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Visiting Fellow, Crawford School of Public Policy, Australian National University
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Laurie Carmichael Distinguished Research Fellow at the Centre for Future Work, and Professor Emeritus, Griffith Business School, Griffith University
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Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra
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Economist and Director, Centre for Future Work, Australia Institute; Honorary Professor of Political Economy, University of Sydney
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Program Director, Economic Policy, Grattan Institute
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Vice-Chancellor’s Fellow, University of Tasmania
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Senior Associate, Grattan Institute
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Lecturer in Economics, Monash University
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Senior Associate, Economic Policy, Grattan Institute
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Visiting Fellow and Director – Micro heterogeneity and Macroeconomic Performance program, Crawford School of Public Policy, Australian National University
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Deputy Program Director, Economic Policy, Grattan Institute
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Professorial Fellow, The University of Melbourne
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Professorial Fellow, University of Canberra
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Professor of Economics, UNSW Sydney
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John Bray Professor of Law, University of Adelaide
