Worker pay has not yet slipped behind the rising prices for goods and services, according to new economic analysis that challenges the widespread belief that people are sufferingAdding in the annual rise in the superannuation guarantee, bonuses and promotions, people’s pay is rising faster than indicated by the 2.4 per cent wage price index.
The broader measure of pay is marginally above consumer price inflation of 3.2 per cent to March 31 in the national accounts, measured by the so-called consumption deflator.Trade unions are demanding large wage rises Furthermore, the cost of a new dwelling accounts for almost 10 per cent of the consumer price index weighting.
“I’m concerned everyone is reporting the CPI and it’s not actually our best measure because it overstates inflation.” For example, it would give less weighting to expensive strawberries and more weighting to cheaper apples or bananas based on people’s adjusted spending.
err... have you seen the price of petrol recently...
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