Brace for a 2018 Australian election Black Swan

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The 2018 election has unofficially kicked off, via The Guardian:

Labor has left the door open to pegging the minimum wage to median earnings, which one labour market expert said could result in increases of $80 a week for low-paid workers.

The shadow employment minister, Brendan O’Connor, told Sky News on Wednesday that legislating the minimum wage be pegged to a certain proportion of the median wage was one option Labor was “looking at”, but that the party would fully spell out how to fix wages before the election.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.