I am in complete agreement with Ross Gittins and to some extent Sally McManus.
Australia is at full employment and real wages are falling! In the 1970s Australia was much more unionised than it is now. It had a centralised wage bargaining system.
Few people are now in unions and are mostly employed in the public sector. If employees cannot get a real wage rise when we are at full employment and low inflation how in the hell are they going to get a real wage rise when interest rates are rising and inflation is also on the rise?
It is all much ado about nothing.
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