RBA: LOW WAGES GROWTH THE ‘NEW NORMAL’ UNDER LIBERALS

JIM CHALMERS MP
SHADOW TREASURER
MEMBER FOR RANKIN
 
BRENDAN O’CONNOR MP
SHADOW MINISTER FOR EMPLOYMENT AND INDUSTRY
SHADOW MINISTER FOR SCIENCE
SHADOW MINISTER FOR SMALL AND FAMILY BUSINESS
MEMBER FOR GORTON
 
HON TONY BURKE MP
SHADOW MINISTER FOR INDUSTRIAL RELATIONS
SHADOW MINISTER FOR THE ARTS
MANAGER OF OPPOSITION BUSINESS
MEMBER FOR WATSON

Today the Reserve Bank has confirmed that weak wages growth under this Liberal National Government is now the “new normal”.

In his speech today, RBA Deputy Governor Guy Debelle made the damning point that there has been a step-change down in wages growth under the Liberals.

This underscores what so many Australians already know, that no matter how hard they work they just can’t seem to get ahead.

Wages growth under the Liberals is the worst on record and has just slowed even further.

This is what happens when you make low wages a “deliberate design feature” of your policies.

Weak wages growth is the inevitable consequence of a third-term Government without a plan for the economy.

Stagnant wages are a key reason why consumer confidence also hit a four year low today.

Right when the economy needs a comprehensive plan to get the economy moving again, all that Scott Morrison and Josh Frydenberg have is a political strategy but no economic plan.

TUESDAY, 26 NOVEMBER 2019