This is a comically bad argument to be making on the very same day the RBA governor makes the emphatic case that record-low wage growth is threatening trust in our economic institutions @ellenmfanning @bairdjulia @ABCthedrum #auspol #ausecon 1/6
For example, Lowe's speech ( rba.gov.au/speeches/2018/…) includes the graph below showing just how slow real wage growth has been 2/6 
See also rba.gov.au/speeches/2018/… and for a more technical discussion this RBA discussion paper by Geoff Weir rba.gov.au/publications/r… 3/6
The decline in labour's share of national income, which has been observed in many countries, not just Australia, over the last 15 years or so, is simply the cumulation of the difference between real wage growth and labour productivity growth 4/6
This is the subject of a huge literature in economics, one of the most active topics in macro. For Sloan to be ignorant of this work says a lot 5/6
Fair to say that economics is not Judith's strong suit 6/6
