The Australian economy grew just 0.4 per cent in the last quarter and 1.7 per cent for the year according to new data from the ABS.
The Morrison Government’s plan for low wage growth has stalled the economy, and the RBA continues to warn that without an increase in wage growth, cuts to interest rates and the prospect of quantitative easing will not be sufficient to restart the economy.
The Morrison Government has ignored the calls of unions, academics, the reserve bank and its own public service to take action to increase wages, and even today has re-committed to the Ensuring Integrity bill, which would make it even harder for working people to win pay rises.
Quotes attributable to ACTU Secretary Sally McManus:
“The Morrison Government crushing wage growth has stalled the economy.
“The Australian economy is driven by working people spending their wages, but as we head into the eighth year of record-low wage growth, millions of people have nothing left to spend and are whittling away their savings just to pay for essentials.
“Working people need a pay rise, but instead of doing something about that the Morrison Government is re-introducing a bill which would shut down unions and make it even harder for working people to win pay rises.
“This Government will do anything to appease its donors, even if it means crashing the economy for everyone else. Australians deserve a government which fights for them.”