Last week, The Australia Institute’s Greg Jericho published forecasts from the Reserve Bank of Australia’s (RBA) Statement of Monetary Policy, which showed that real wages would shrink 5.3% below their pre-pandemic level by the end of 2023, effectively taking wages back to what they were in March 2009:
Aussie real wages are falling fast.
“It remains a truly unprecedented destruction of living standards for Australian workers”, noted Jericho.
“Worse still, the recovery is set to take at least 7 years. If we extrapolate the trend growth from December this year, it will take till the end of 2031 until real wages are back at the level they were in March 2020”, Jericho added.
Jericho followed up with another report showing that “real household income will take longer to recover than it did during the 1990s recession”, according to the RBA’s forecasts:
A long income recession beckons.
One wonders why the Albanese Government has announced the biggest immigration program in this nation’s history, which will inevitably lift unemployment (via the sharp increase in labour supply), put downward pressure on wages and exacerbate infrastructure and housing strains across Australia.
Albo’s ‘Big Australia’ agenda will drive another ‘lost decade’ for Australians (see here and here) whereby the economy and living standards stagnate in per capita terms, while productivity growth remains stillborn as migrants are funneled into low productivity ‘people servicing’ industries.
Productivity Commission: Australia’s productivity stinks due to over-reliance on low productivity services industries.
It is another treasonous betrayal of Australian workers, only this time by a wolf in sheep’s clothing fake “Labor” Party that is just as neoliberal as its predecessors.
With friends like the Albanese Government, Australian workers sure don’t need enemies.
