Is wage growth about to pick up? Nope

The AFR has reported today that a number of large Australian companies have struck new enterprise agreements which include pay rises that are higher than the current level of wage growth, suggesting that wage growth is about to pick-up:

The wage rises covering some of the economy’s biggest employers such as Westpac and McDonald’s have seen increases of 3 per cent or more in enterprise agreements – well above the current economy-wide wage growth of 2.3 per cent…

A raft of retail and fast-food agreements currently before the Fair Work Commission, including McDonald’s, Hungry Jack’s, Big W, Kmart, BWS and Super Retail Group, are also generally pegging their annual wage increases to minimum wage decisions, which have trended at 3 per cent or above for the past three years…

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