Dollars & Sense
Waiting for Godot (and wage-price spirals)
Mar 28, 2024
Greg Jericho, Chief Economist at the Australia Institute, discusses the misconception that wage increases lead to inflation spikes. He explains the importance of fair wage growth, challenges fears of economic repercussions, and analyzes the impact of minimum wage adjustments on the economy. Jericho also compares Australia's minimum wage internationally and examines the relationship between wage growth and inflation.
29:33
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Quick takeaways
- A modest wage increase won't cause inflation spikes, emphasizing the need for fair pay adjustments.
- Ensuring minimum wages keep up with living costs is crucial to supporting low-paid workers.
Deep dives
Aged Care Workers Celebrate 23% Pay Rise
Aged care workers in Australia have recently received a significant 23% pay rise, marking a crucial recognition for their vital role. Despite the celebration, it is highlighted that this pay increase, though substantial, brings the workers' annual income to around $63,000, emphasizing the ongoing issue of low wages in this essential sector. The government's advocacy for this pay rise is acknowledged, signaling a positive step towards addressing the long-standing need for better compensation for aged care workers.
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