Policy director at the Centre for Future Work, Greg Jericho, has published analysis of this week’s federal budget, which shows that real wages will still be 3% below their pre-pandemic in June 2026:
Real wages have plummeted to some 3% below where they were in the middle of 2019 and they are set to fall to more than 5% below by June next year.
While the Budget expects real wages to begin rising in 2023-24, the path to undo the damage will be long and tough for workers.
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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.
