National Accounts reinforces we must close the loopholes to get wages moving

Media Release - September 6, 2023

New data from the ABS today reported the Australian economy has grown by 0.4 per cent for the June quarter and 2.1% over the year.

The household savings rate fell for the seventh consecutive quarter to 3.2 per cent, which is its lowest level since the June quarter of 2008.

Discretionary consumption fell 0.5 per cent in June in real terms, the third quarter in a row it has fallen.

Essential consumption increased 0.5 per cent in real terms, coming in 2.1 per cent higher than June 2022, driven by spending on rent and utilities.

Workers worked 6.8 per cent more hours compared with last year, or 2.4 per cent more over the quarter.

Quotes attributable to ACTU Assistant Secretary Joseph Mitchell:

“Workers are working longer and harder to make ends meet and today’s data backs that up.

“Inflationary pressures and price gouging by big business are forcing many Australians to stretch their budgets just to make ends meet. Workers have been forced to cut back on little luxuries to keep the lights on, as discretionary consumption falls and essential consumption increases. 

“Real wages are still going backwards. For Australia to improve its economic outlook we need a return to real wage growth, and to close the loopholes employers are exploiting which undercut wages, where workers’ wages are stolen, where workers are wrongly in insecure work, or those loopholes which mean the most vulnerable of workers are without any minimum standards.”

The ACTU Network

Australian Unions

Whether you want to join a union, take action in campaigns, or make the most of the benefits of being a union member, Australian Unions is the place to go for information and resources.
Visit Australian Unions

Mind Your Head

We’re taking action to protect workplace mental health.
Visit Mind Your Head

Worksite

Your rights at work for students and for people entering the workforce for the first time.
Visit Worksite

OHS

Information and resources for health and safety representatives and workers about how to speak up at work for health and safety.
Visit OHS

Union Aid Abroad

Union Aid Abroad-APHEDA is the overseas aid and development agency of the ACTU. Our work aims to build self-reliance through support to educational and training projects for workers and their organisations in the developing world.
Visit Union Aid Abroad

ACTU National Union Directory

Find who you are looking for from the who’s who of the union movement.
Visit the ACTU National Union Dictionary
Australian Council of Trade Unions

Representing Australian workers and their families.