Even as the government undertakes record spending, wages will flatline, with the vaguest of promises that growth will return at some point.
According to the government’s latest budget forecasts, no one’s getting a real pay rise any time soon. In fact, we’re going to go backwards between now and the 2024, despite unemployment plunging to 4.5%.
That means that Australian workers will have entered a second decade of wage stagnation, despite the government’s insistence that it is being driven by a desire to see wages rise.
And remember this is all wages — not private sector wages, which have been trailing public sector wages in recent years. And it’s an average, so many private sector industries like construction, manufacturing and retail will experience even lower “growth”.
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