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Following Wednesday’s soft wage data from the Australian Bureau of Statistics (ABS), The Australian Institute (TAI) has released analysis showing that real wages fell 4.5% in 2022, which was the largest decline on record:
Australian Real Wage Growth
TAI claims the result proves that Australia’s “current inflation is not driven by workers wages, but instead by rising prices as Woolworths and Coles post surging profits today and yesterday”.
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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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