REAL WAGES - ERODED 📉
AUSTRALIA sadly behind OECD countries 😥
"Persistent high inflation has contributed to a 5.1 per cent decline in Australians’ real wages since March 2021, according to the OECD’s annual employment outlook, released on Tuesday. In contrast, the average OECD member country enjoyed a 5 per cent lift in its workers’ living standards over that time."
Issues:
- Inflation remains too high
- RBA could put up rates
- Everything costs more, and will cost more again
- Real Wages DROPPED 5% in last 5 years - Australia
- OECD countries GREW around 5% in same period
What are the answers?
- Higher unemployment
- Less spending (all = personal, business and especially government)
- Probably higher interest rates
- Improved productivity
AFR Article link in comments, data from ABS, and article PDF available - email james@trulyfinance.com.au for a copy!
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