Economy heading in the right direction

Australian Unions have welcomed today’s national accounts figures showing the economy is improving.

Australia’s economy increased by 2.1 % over the year to September, due to strong private investment and a pickup in consumer spending.

Today’s national accounts show that GDP per hour worked was 0.8% higher than a year ago, the strongest annual growth in a year.

Workers’ share of GDP stayed steady at 49% in September, with the good outcome in the Annual Wage Review flowing through to millions of minimum wage and award-reliant workers.

Quotes attributable to ACTU Assistant Secretary, Liam O’Brien:

“Wages are continuing to grow, and that’s essential for working people who have a lot of ground to make up in their household finances after a decade of Coalition-era flat-lining wages.

“Advocacy by unions and government backing in the Annual Wage Review delivered decent wage rises for 2.6 million Australians.

“It’s encouraging to see a pickup in productivity growth and strong investment by business this quarter, but there’s still a way to go before workers’ standard of living can be said to have caught up to the two decades of lost real wages growth.

“If real wages had grown at the same rate of productivity since 2000, the average worker today would be around $18,000 better off.”