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The Guardian - AU
The Guardian - AU
National
Paul Karp

What does the Reserve Bank’s 3.5% pay rise ‘anchor’ mean for Australian workers?

Reserve Bank Philip Lowe Inflation Sally McManus Australia RBA Tony Burke Minimum Wage Anthony Albanese Fair Work Commission
On Tuesday, the Reserve Bank governor, Philip Lowe, said steady state wage increases in Australia should be about 3.5%.
On Tuesday, the Reserve Bank governor, Philip Lowe, said steady state wage increases in Australia should be about 3.5%. Photograph: Xinhua/Rex/Shutterstock

After an election fought on rising costs of living and stagnant wages, the Reserve Bank of Australia has put a figure on what most people should get for a pay rise: 3.5%.

With inflation tipped to reach 7% by year’s end, this amounts to a real pay cut for most workers, and less than those on the minimum wage and awards were recently given.

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