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Earlier this week, Australian Industry Group CEO, Innes Willox, told the National Press Club that “over the medium term, we find wage rises have risen broadly in line with productivity”.
“The link with productivity is the key – the more productive we are the more we can be sustainably compensated”.
Greg Jericho from the Centre for Future Work has published data demolishing Willox’s claim, with real hourly wages growing at less than half the rate of productivity growth since the start of the pandemic:
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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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