The workers of Australia thank the “labor” government of true believer Anthony Albanese. SEEK shows why.
“Although the year-on-year pace of advertised salary growth remains strong, we’ve seen a clear slowing in recent months and since the boom of 2022.
“In the past six months, advertised salaries grew by an average of 0.29% each month. In the six months before that, from June to November 2022, the average was 0.48% per month.
“Given the Fair Work Commission’s award wage rise, which takes effect in July, and the continued high cost of living, there is understandably heightened focus on salaries. Time will tell how advertised salary growth will respond over the coming months.”
The downtrend is clear. 6-month annualised wage growth is about to break below 3% and is comfortably back within the lowflation range:
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With the economy softening and Albo pouring cheap foreign labour into the country, expect further downside regardless of FairWork decisions.
And while Albo crushes wage growth, he is also boosting inflation via energy and skyrocketing rents such that real wages continue to crash.
There has never been a real wages accident like the one Albo has delivered:
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.
