Is Australia’s stagnant wage growth worse than we thought?

Australia is currently approaching its 10th year of wage stagnation and underemployment, and Professor Ross Garnaut, the University of Melbourne’s Professorial Research Fellow in Economics, believes the situation is worse than we think.

Professor Garnaut was quoted by the ABC as saying the increasing incomes of Australia’s largest earners have been disguising falling wage growth for everyday Australians.

EY.com reported there are approximately 44 million hours each week of spare capacity in Australia’s labour market. That equates to $649 million a week not reaching household pockets.

In his new book, Reset: Restoring Australia after the…