Business lobby pushes for real wage cuts


Australian Chamber of Commerce & Industry (ACCI) CEO Andrew McKellar says the inflation outlook means it is likely to seek a lower increase in the minimum than the 3.5% rise that it advocated in 2023.

“I’d be very surprised if we were at the same level this year”, he told The AFR.

“Fundamentally, we’re seeing inflation dropping, we’re seeing productivity in negative territory, and the increases [in award wages] that have been pushed through in the last two years were just not supported by the data that they relied on at the time”.

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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.