by Summary:
Yesterday (February 23, 2022), the ABS released the latest – Wage Price Index, Australia – for the December-quarter 2021. The WPI data shows that nominal wages growth remained modest to say the least. The data shows that the significant cuts to workers’ purchasing power continue, and, in my view, constitute a national emergency. While the conservatives are railing about inflation now and looking to target workers’ wages (further cuts), the evidence is that the wages side is not driving any inflationary pressures – the opposite is the case. The business sector, as a whole, thinks it is clever to always oppose wages growth and the banks love that because they can foist more debt onto households to maintain their consumption expenditure. But the reality is clear – there can be no sustained
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Yesterday (February 23, 2022), the ABS released the latest – Wage Price Index, Australia – for the December-quarter 2021. The WPI data shows that nominal wages growth remained modest to say the least. The data shows that the significant cuts to workers’ purchasing power continue, and, in my view, constitute a national emergency. While the conservatives are railing about inflation now and looking to target workers’ wages (further cuts), the evidence is that the wages side is not driving any inflationary pressures – the opposite is the case. The business sector, as a whole, thinks it is clever to always oppose wages growth and the banks love that because they can foist more debt onto households to maintain their consumption expenditure. But the reality is clear – there can be no sustained
Topics:
Mike Norman considers the following as important:
This could be interesting, too:
Bill Haskell writes The Plan to destroy Obamacare
NewDealdemocrat writes The ISM services index, measuring 75% of the economy, sounds an ‘all clear’ – for now, anyway
Joel Eissenberg writes High fructose corn syrup and your health
Angry Bear writes Why avoided or imaginary emissions are the future of carbon accounting
Yesterday (February 23, 2022), the ABS released the latest – Wage Price Index, Australia – for the December-quarter 2021. The WPI data shows that nominal wages growth remained modest to say the least. The data shows that the significant cuts to workers’ purchasing power continue, and, in my view, constitute a national emergency. While the conservatives are railing about inflation now and looking to target workers’ wages (further cuts), the evidence is that the wages side is not driving any inflationary pressures – the opposite is the case. The business sector, as a whole, thinks it is clever to always oppose wages growth and the banks love that because they can foist more debt onto households to maintain their consumption expenditure. But the reality is clear – there can be no sustained recovery for the economy post Covid without significant increases in the current rate of wages growth....Bill Mitchell – billy blog
Australia – workers endure on-going real wage cuts as corporate profits soar
Bill Mitchell | Professor in Economics and Director of the Centre of Full Employment and Equity (CofFEE), at University of Newcastle, NSW, Australia