Labor cools “living wage” expectations

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While the horribly late to the party Fake Left is celebrating at The Guardian:

Under the Labor proposal, a Bill Shorten government would amend the Fair Work Act to first instruct the Fair Work Commission, which sets the nation’s minimum wage, to determine “what a living wage should be”, taking into account the views of all stakeholders, including the business community and unions.

That would also take into account the amount of tax paid and family benefits or other social payments, as well as the increased cost of modern life, with the minimum wage objectives set before the advent of the internet or mobile phones, or household costs such as water utilities.

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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.