Recall that the March quarter wage price index showed that Australian real wages had fallen by 7.1% from their June 2020 peak to be tracking at their lowest level since June 2010:
The forecasts contained in the latest federal budget also projected that real wages would only recover to December 2014 levels by 2028:
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On Monday, Westpac lowered its wage growth forecast to only 3.0% by the end of 2024, following the Fair Work Commission’s decision to raise minimum and award wages by 3.75%.
