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The biggest unicorn in the May Budget was the laughable assumption that Australian workers would enjoy a wages explosion over the forward estimates:
With last month’s wages growth data for the June quarter badly disappointing, Treasurer Scott Morrison tried to put lipstick on a pig, claiming wages were in fact growing “as forecast in the Budget”:
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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.