Greg Jericho spells it out with graphics… the Australian standard of living has been falling since 2020 and will take years to recover (if at all). All of the noise made about wages fueling inflation is a lot of bull, there is no truth to it and no data to back it up. Don’t believe what most conservative economists tell you. Don’t believe a foolish press medium either. Wages need to move faster than inflation for us to be as well off as we were fourteen years ago (14 yrs… yes, that’s right). Neo-liberal economic policies are all about feeding the greedy at the top of the food chain, period.
"Oxfam said analysis of global data showed that dividend payments to shareholders over the last three years grew an average of 14 times faster than worker pay across 31 major economies"
New research from the Trades Union Congress (TUC) shows that the average UK worker would be £10,400 a year better off if real wages had grown at their pre-financial crisis trend – the equivalent of £200 a week.
Before the financial crash UK real weekly wages grew on average by 1.7 per cent each year. Since 2008, average annual growth has been -0.2 per cent.
A huge transfer of wealth, from the poor to the rich.