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As we know, Australia is enjoying the best labour market in generations with unemployment (3.9%) at its lowest level since 1974 and underemployment (6.1%) tracking at its lowest level since 2008:
Australia’s participation rate and employment-to-population ratio are also tracking a whisker below record highs.
However, while the labour market is undoubtedly booming, Australian wage growth remains lackluster, growing only 2.35% in the year to March 2022 – essentially taking it back to sluggish pre-pandemic levels:
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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.