In this edition's feature we look back at how real wages have performed from mid-2021 to the most recent data released for mid-2026, a period of five years. This data shows that the average worker's income has either stagnated or gone backwards over the past five years. In other words, the average worker's standard of living has either not improved or has actually fallen.
Our regular updates cover the June 2026 quarter data for employment, wages, union membership, consumer inflation, and household living-costs inflation.
This data shows that the labour market has continued to worsen. The price shock and uncertainty caused by the Iran war is clearly not helping things, with unemployment and underutilisation both rising significantly compared to the March quarter. The unemployment rate is now at its highest level since 2015, and more people are now unemployed than at any time since the early 1990s.
There are few signs of "green shoots" coming through in the job market at this stage. If the Reserve Bank continues with its plans to raise interest rates through the rest of the year, and the government continues its do-nothing approach, it will only get more difficult for people to find jobs and secure fair wages.
