When low-wage workers lose jobs the average wage goes up. There’s a better measure, but we’re not using it.
The progress we were making has been slowed or reversed, at exactly the wrong time.
As with economic growth and wages, the RBA’s response seems to involve crossing as many fingers and toes as possible and publicly proclaiming that things are looking good.
Low wage growth isn’t just bad for households - it’s also bad for the overall economy. Research shows that increasing wages would take some of the risk out of the housing sector.