In the years since the pandemic and high inflation began impacting the Australian economy, the nation’s workers have gone backwards dramatically.
Today, inflation-adjusted wages sit at roughly the same point as they did at the start of 2010, erasing all of the progress of the last 16 years.
As the chart below, based on the RBA’s forecasts, illustrates, there is an expectation that there will be no real progress toward regaining the purchasing power of pay packets lost until at least the latter half of 2027.
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