Australian retail turnover fell 0.1 per cent in July 2019, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS) Retail Trade figures. Key economic indicators continue to show the failure of the Morrison Government’s economic policies.
Low wage growth means that working people are not spending on non-essential items.
This comes ahead of GDP data to be released tomorrow, widely expected to show slowing economic growth.
The Morrison Government has actively encouraged low wage growth and insecure work which has stalled the economy.
Last year the Morrison Government proudly announced that low wage growth – now recognised by the RBA as a key factor in the slowing economy – was a design feature of its economic policies.
Quotes attributable to ACTU Secretary Sally McManus:
“The economy is stalling because of the policies of this Government. The low wage growth crisis facing working people has been created by the Morrison Government.
“Almost seven years of near-record low wage growth means that working people now have nothing to spend on non-essential items. This is a symptom of the pressure this Government has put working people under.
“For most working people, life is harder now than at any time since the GFC, and the Morrison Government continues to back policies which keep wages low.
“This Government’s attacks on unions are about keeping wages low, their support for employer cost-cutting is about keeping wages low, their refusal to give their own workers fair pay rises is about keeping wages low.
“Australians deserve a government which governs in their interests, not to protect the profits of big business at the expense of all else.”