has analysed unemployment and immigration data for the whole pandemic period and says the closed international borders and the reversal of interstate migration have kept nearly 170,000 potential employees out of Victoria’s labour force., a level not seen since the recession of the 1990s.show about 150,000 Victorians, or 4.4 per cent of the labour force, out of work.
Employers may have become too reliant on overseas migration to fill lower-paid jobs in the economy, helping to stifle wage growth, he told“Maybe the high level of skilled migration ... [had the] effect of keeping wage growth below inflation for a very long period of time,” he said. Ms Pennington believes it is the modern industrial relations system, and not migration, putting the brakes on wages.
“The composition of work has changed so much, toward part-time work, towards casualisation, alongside decreased unionisation, the erosion of collective bargaining and increasing gig work.”that the national economy will bounce back quickly from the present lockdowns and a tightening labour market, with unemployment expected to get close to 4 per cent in 2022, driving up wages in subsequent years.
noeltowell RBA assumption that wages will grow can be shot to pieces
noeltowell Employ more public servants….we haven’t got enough of them. Their response to Covid proved that and now it is costing the taxpayer a fortune in mental health counselling for them. To be on fully paid home holiday was so stressful….
noeltowell How many billions did the super corporations get? What was their profits? How much was shifted off shore? Meanwhile small business gets the scraps The poor get less And people are told it will get worse 🙄🙄🙄🙄🙄
noeltowell If waiting for vax. Living in the USA. I would recommend all Australians please do your research on the risk vs benefits found in overseas. Also factor in that Isreal one of the most vaccinated countries are already well in to third boosters for a reason. That’s all I’ll say.