Adjusted for inflation, Australians are being paid less than they were in 2020. These four charts show what’s changed in how we work – and the growing gap between your pay and what you can afford to buy.
A tighter labour market than in the past is now needed to drive real wages growth.
True wages growth, and true price growth, is probably less than the official figures suggest – meaning there’s no need for alarm about inflation in Australia.
The unemployment decline isn’t as impressive as it first appears, and wages growth remains sluggish.
To drive living standards upward we need new technologies to relentlessly improve productivity.
Australia's unemployment rate may have to fall much more before we see any wages growth.
Reserve Bank of Australia governor Philip Lowe has effectively ruled out an interest rate rise until wage growth tops 3%.
Low inflation and painful wage growth mean the Reserve Bank has extended its freeze on interest rates for an almost unprecedented 18th straight meeting.
For a whole lot of workers in Australia, cutting a better pay deal is very hard, writes Richard Holden.