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The New Daily

Business

Michael Pascoe

Michael Pascoe: Once more for the dummies – we need higher wages

Michael Pascoe RBA Inflation Michele Bullock ABS CBA Interest Rates Reserve Bank

Inflation is more than double the headline wages growth – wages are lagging, not leading, Michael Pascoe writes. Photo: TND

Sure, bad news sells, but was it really necessary to sell the best news on wages in many years as bad news?

The verdict on Wednesday’s Wage Price Index (WPI) rise to 3.1 per cent growth for the latest year was close to uniform: The fastest wages growth in nearly a decade was bad – it allegedly meant the economy was “running hot” and would require more interest rate rises by the Reserve Bank.

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