RBA projects real wage cuts until end of 2023

Working people will continue to see the value of their wages go backwards until the end of 2023, according to inflation and wage projections released this morning by the Reserve Bank.

This means 21 months of consecutive real wage cuts for working people – six months more than the Morrison Government projected in the budget handed down in late March, and comes as Scott Morrison continues to insist that there is nothing he can do to lift wages.

According to these RBA projections, by the middle of 2023 the real value of wages will still only be at the level they were at the end of 2011 – more than a decade of lost growth under a Government that has abandoned working people.

Quotes attributable to ACTU Secretary Sally McManus:

“This is the result of nearly a decade of low wage growth and inaction on job security from this Government – real wage cuts that will last years and cause lasting damage to the living standards of workers.

“The Morrison Government could be standing up for the wages of working people by supporting a pay rise for a quarter of all working people in the Annual Wage Review, or supporting the wage case being run by aged care workers, but when working people need this Prime Minister, he goes missing.

“This data shows the lasting legacy of this Government, working people watching their wages go backwards while the Prime Minister tells them it can’t be helped.”

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