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After years of overly optimistic wage growth forecasts:
Today’s Mid-Year Economic and Fiscal Outlook (MYEFO) has significantly downgraded wage growth from the 2019 Federal Budget:
The four year forecasts are shown below, which projects that wage growth will rebound to 3% by 2022-23:
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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.