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The Guardian - AU

Business

Greg Jericho

It’s good news that real wages are no longer falling – but the fall has already been deep

Inflation Unemployment Reserve Bank

Australian bank notes and coins and a pay envelope. — The struggle for worker incomes to rise faster than prices is ongoing. Photograph: Dave Hunt/AAP

The latest wage price index figures show that wages growth has stopped accelerating and the struggle for workers’ incomes to rise faster than prices continues.

All those worried about a wage breakout can put away their sirens and fireworks. All those warning that wage rises could set off a wage-price spiral can calm down, put down their pens, retire from the governorship of the Reserve Bank.

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