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The Productivity Commission (PC) released a report last week that refuted union assertions that corporate greed was to blame for workers’ poor wage growth leading up to the pandemic:
“Over the long term, for most workers, productivity growth and real wages have grown together in Australia”.
“Mining and agriculture – which account for about 5% of total people employed across the economy – have exhibited wage decoupling and skew the national average significantly”.
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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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