The Australian Workers’ Union has indicated that it will seek higher wage increases in upcoming negotiations with employers after inflation rose to 5.1% in the year to March. Annual wages growth is just 2.3%, and ACTU president Michele O’Neil says this means that the average worker is set to be almost $2,000 worse off in the first half of 2022 and $4,000 worse off by the end of the year.
The United Workers Union will also push for a higher annual wage increase than the 3% rise it had previously flagged for most sectors.
However, Australian Industry Group CEO and chair of the Migration Council, Innes Willox, warns that larger pay rises will result in larger interest rate increases.
