The wildly optimistic assumptions about wage growth made by the Turnbull Government in the Budget have been crushed as figures release today show wage growth for the year to March was just 1.9 per cent.
This means that Australian wages have now officially gone backwards, as inflation is sitting at 2.1 per cent.
The rise in insecure work, which the Turnbull Government says is a sign of increased flexibility, has also seen growth in hourly wages slow to 1.87 per cent.
The Coalition’s entire Budget costing rested on the assumption that wage growth would somehow recover from this point to 3.75 per cent per year by June 2021, yet the Turnbull Government is looking to depress wages through its support of penalty rate cuts.
Quotes attributable to ACTU Secretary Sally McManus:
“The Turnbull Government is presiding over an era in which power is being stripped from workers, wage theft is systemic, and casualisation and underemployment are constantly rising. Working people have had enough.”
“The pay packets of Australians are shrinking and are not keeping up with the cost of living. Whether you work full time, part time or casually, it is now costing you more to live and support your family.”
“There are straight forward and easy decisions that can be made to reverse declining wages; the Turnbull Government can stop the penalty rates cuts, it must support the lift in the minimum wage by $45 a week, it must give its own public sector workforce a may rise and it must protect workers from further wage cuts by stopping employers cancelling enterprise agreements so they can cut pay.”
“Malcolm Turnbull’s government has done nothing to support wages growth. In fact, it has loudly supported the broadly criticised penalty rate cuts, which will slash wages for hundreds of thousands of Australians.”
“The rights of workers have not kept up with the growth of corporate power. Working people need better and stronger rights. Australian Unions are committed to making this happen.”