😩The Government is using the pandemic to lock in LOW WAGES & INSECURE WORK
The latest wages data released on Wed shows wages grew SLOWER in the past 12 mths than ever before.
But MORE worrying is that even when the economy recovers, the Government is WORKING to ENSURE
🧵1/-
The latest wages data released on Wed shows wages grew SLOWER in the past 12 mths than ever before.
But MORE worrying is that even when the economy recovers, the Government is WORKING to ENSURE
🧵1/-
Wages Growth REMAINS WEAK.
The situation has not been helped by the Government’s changes to the jobkeeper payment.
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The situation has not been helped by the Government’s changes to the jobkeeper payment.
🧵2/-
In the June quarter, private sector wages grew just 0.1% - the 2nd straight quarter of such WEAK growth
The public sector fared little better – just a 0.2% rise
Over the past yr private-sector wages grew just 1.2% & both private & public combined grew a record LOW of 1.4%
🧵3/-
The public sector fared little better – just a 0.2% rise
Over the past yr private-sector wages grew just 1.2% & both private & public combined grew a record LOW of 1.4%
🧵3/-
*This is NOT down to the pandemic:
In the past an unemployment rate of 6.9% that we had in Sept, would've meant annual wages growth of around 3.1%.
But the trend of the past 4 yrs, an unemployment rate of 6.9% should see wages growing by just 1.4% – exactly what they r now.
🧵4/-
In the past an unemployment rate of 6.9% that we had in Sept, would've meant annual wages growth of around 3.1%.
But the trend of the past 4 yrs, an unemployment rate of 6.9% should see wages growing by just 1.4% – exactly what they r now.
🧵4/-
One thing that could improve the situation is for the Fed Government to help spur wages growth by LIFTING its 2% annual Wage Growth Cap.
But NO. The Gov't instead announced that “Commonwealth Public Sector wage rises can NO longer exceed wage rises in the private sector”
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But NO. The Gov't instead announced that “Commonwealth Public Sector wage rises can NO longer exceed wage rises in the private sector”
🧵5/-
Such a move will actually serve to REDUCE the likelihood for private sector WAGES to GROW at that level because public sector wages help drive those in the private sector.
Even worse, public sector wages usually grow slightly faster than that of the private sector so
🧵6/-
Even worse, public sector wages usually grow slightly faster than that of the private sector so
🧵6/-
this is actually a shift towards LOWER wages growth overall.
And so in the midst of a recession, at a time when WAGES are growing SLOWER than ever before & the jobs are increasingly becoming Part-Time & INSECURE, the Government is working to KEEP such conditions in place.
🧵7/-
And so in the midst of a recession, at a time when WAGES are growing SLOWER than ever before & the jobs are increasingly becoming Part-Time & INSECURE, the Government is working to KEEP such conditions in place.
🧵7/-
The Gov't is USING the pandemic to LOCK in LOW WAGES & INSECURE WORK.
It means there exists a VERY REAL DANGER that when our economy does eventually recover, it will be MUCH WORSE for WORKERS.
*LNP = Big Business
*Labor = Workers
Article by Greg Jericho
theguardian.com/business/grogo…
It means there exists a VERY REAL DANGER that when our economy does eventually recover, it will be MUCH WORSE for WORKERS.
*LNP = Big Business
*Labor = Workers
Article by Greg Jericho
theguardian.com/business/grogo…
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