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RBA says real wages won’t increase until next year
9 May 2022
Daily Telegraph: Workers hoping for a pay boost will have to wait until next year with the Reserve Bank of Australia revealing a grim prediction.
The Reserve Bank of Australia projects real wages will continue going backwards until December 2023. This means rises in the cost of living will continue to increase much more than wages.
The bank, which raised the cash rate for the first time since 2010 last week, predicted inflation would reach around 5.9 per cent by the end of this year, but wages would only increase 3 per cent in the same period.
This is not expected to turn around until December next year when inflation is expected to fall to around 3.1 per cent while wage growth is predicted to be slightly higher, at 3.5 per cent.
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