Recent Australian Bureau of Statistics show that wage growth has stagnated in Australia for the eighth consecutive year, threatening Australia’s economic recovery.
Driven by low wages growth in the public sector, hospitality and administrative services, 2020’s overall national wage growth has been limited to a mere 1.4%.
The Reserve Bank of Australia has warned of the detrimental effects of wage stagnation to monetary and macroeconomic stability.
Australian Unions Secretary, Sally McManus, has condemned the new figures as threat to our economic recovery and consumer confidence.
“This will put a permanent handbrake on our economy and our recovery”.
McManus has called on the Morrison Government to act urgently to address the issue, beginning with dropping its current Industrial Relations Omnibus bill.
The NSW Nurses and Midwives’ Association support Australian Unions’ campaign to oppose the Industrial Relations Omnibus Bill. To support this campaign or to find out more, visit the For The Workers website.