No progress on wages, but we're getting a better handle on why

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Opinion: No progress on wages, but we're getting a better handle on why | 1RossGittins

on our productivity performance a purely numerical analysis of the reasons real wage growth has been weak since 2012-13. It compared the strong growth in real wages in the economy’s “market sector” during the 18 years to 2012-13 with the weak growth over the following six years.

A further quarter of the slowdown in real wage growth is explained by the effects and after-effects of the resources boom. Although the economists’ conventional wisdom says real wages should grow in line with the productivity of labour, this implicitly assumes the country’s “terms of trade” are unchanged.

Finally, the study finds that a further fifth of the slowdown in real wage growth is explained by an increase in the profits share of national income and thus an equivalent decline in the wages share.

 

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1RossGittins Unemployment keep unnecessarily high is why wages growth is weak. Supply and demand. The less un-utilized labour the worse it is for bosses as they compete for workers. We know this is why wages growth is low.

1RossGittins Glad somebody is!

1RossGittins Unemployment 5.3% whilst all top ten trading partners have 4.3% or less and no inflation problem. We are being run by muppets stealing from workers.

1RossGittins can I pay my bills with why?

1RossGittins Casualisation is our biggest socio economic issue. The underemployment it fosters strips workers of the ability to negotiate rises. Add in the 40-18% decline in union membership to get the real picture of what ‘flexibilty’ does😐

1RossGittins SHOULD BE AUTOMATIC YEARLY ADJUSTMENT , JUST LIKE POLITICIAN'S WAGES

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