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Prime Minister Tony Abbott and the Australia Chamber of Commerce and Industry (ACCI) have called for wage restraint and a prolonged period of real wage cuts, claiming that it vital to restore the economy’s competitiveness and combat rising unemployment. From The AFR:
Tony Abbott has told the Commonwealth public sector it must exercise restraint and accept real wage cuts for the foreseeable future…the Prime Minister said the country could not afford to match wages with inflation until the budget was fixed…
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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