Australians’ wages will continue to decline for at least a year as a wave of global inflation sends prices higher at twice the rate of workers’ pay, new figures released to Parliament today show.
Treasurer Jim Chalmers delivered the grim wages forecast as part of an update on how Australia’s economy had changed since the previous government’s last budget. The news was roundly negative: forecasts for economic growth were cut as predictions of where inflation would peak went up.
