"Wage growth has been persistently weak for several years. Although not all reasons are fully understood, greater spare capacity in the labour market – particularly higher under-employment – is undoubtedly a major contributor," they said.
They said unlike the global financial crisis, Australian wages growth was weak even before the turmoil caused by the coronavirus pandemic. This could see wages growth in some industries hit zero. Their analysis was released as global ratings' agency Moody's said it expected the world economy to take longer than first thought to recover from the pandemic.
The agency said the economy was taking longer to recover from the closures put in place to prevent the spread of the coronavirus while there was a growing threat of a second wave of infections.
swrighteconomy What about stock market growth?
swrighteconomy Congratulations on your contribution! 😉😉😉😏😏😏🙄🙄🙄
swrighteconomy The world has been going backwards for centuries. The so-called economics of this world is and always has been to benefit the rich to keep their power. We must tear down the castle mentality!
swrighteconomy As Australia decouples from China, it'll be far worse than what you're reporting. India, Vietnam etc won't be enough for many years.
swrighteconomy Real wage growth has been negative for decades, this is thanks to mass-Immigration, MrKRudd and SwannyQLD are the worst traitors of all. They flooded our nation with extra workers, then claimed they “saved” us. 🙄
swrighteconomy The shark hangs around business circles. Everybody tells him business is booming, yet the data tells us otherwise? GN.