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Treasury’s budget wage growth forecasts become somewhat of a meme, forever forecasting a marked pick-up in wages over the forward estimates period while actual wage growth tanked:
Years of Budget wage blunders.
The same can be said for Treasury’s woeful Intergenerational Reports (IGR), which forever forecast crashing labour force participation rates while actual participation rose to record highs on the back of more women and older people participating in the labour market:
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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.
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