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“Do as I say, not do as I do” should be the mantra of Australia’s business elite.
For years they have demanded wage restraint, arguing that excessive wage growth was behind Australia’s inflation problem.
This claim was made despite Australian wages recording their biggest real decline on record to around 2010 levels:
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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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