Home U.S Why you won't get pay rise despite Australia's unemployment falling to just...

Why you won't get pay rise despite Australia's unemployment falling to just 4.6 per cent in November

63
0


The reason you WON’T be getting a pay rise anytime soon – despite a record number of jobs being created in Australia as massive unemployment fall is unveiled

  •  Australia’s unemployment rate fell to 4.6 per cent in November post-lockdown


Australia’s most powerful banker predicts wage rises will be delayed despite the unemployment rate plunging to just 4.6 per cent.

The jobless rate fell from 5.2 per cent in November, following the end of lockdowns,  with 366,100 new jobs created.

Despite the labour market rebound, Reserve Bank of Australia Governor Philip Lowe predict wages growth would remain weak because many workers only received pay rises during enterprise bargaining negotiations.

‘The RBA is expecting wages growth to pick up further but, at the aggregate level, to so do only gradually,’ he said.

‘This partly reflects elements of Australia’s wage-setting processes, which create inertia in aggregate wage outcomes. 

‘These processes include enterprise agreements that tend to only get renegotiated once every two to three years, the annual review of award wages by the Fair Work Commission and public sector wages policies.’

Australia's most powerful banker predicts wage rises will be delayed despite the unemployment rate plunging to just 4.6 per cent. The jobless rate fell from 5.2 per cent in November, following the end of lockdowns, with 366,100 new jobs created

Australia’s most powerful banker predicts wage rises will be delayed despite the unemployment rate plunging to just 4.6 per cent. The jobless rate fell from 5.2 per cent in November, following the end of lockdowns, with 366,100 new jobs created

Advertisement

Previous articleKim Kardashian’s nephew Mason says she shouldn’t let daughter North stream live on social media ‘for safety’
Next articleIs Microsoft down? App not working explained

LEAVE A REPLY

Please enter your comment!
Please enter your name here