The rat wheel economy does not do wages growth

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If Labor succeeds in securing an $852-a-week “living wage”, Australia could overtake France and Luxembourg to become the nation with the highest minimum wage. It is currently ranked third based on the latest OECD data, which is adjusted for purchasing power.

Deloitte Access economist Chris Richardson said Australia was already near the top of the global minimum wage relative to median wages and unemployment benefits.

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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.