Congratulations Albo! You’ve destroyed wage growth

Wednesday 12 April 2023

Of all the ‘Labor’ prime minister fakes, Albo is the worst. None has been so vociferous about his past ‘from the projects’ yet none has so swiftly annihilated the hopes for higher incomes among workers.

He is also the first to successfully redefine full employment as a crisis. Well, he has fixed it!

The writing for wage growth is on the wall. Yesterday’s NAB business survey is the latest indicator to confirm the inevitable. The survey is these days little more than a foghorn for business gaming so ignore the levels and focus on the trend:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.