Business
Lowe’s toughest task is dear to us all – how do we get a pay rise? – Sydney Morning Herald
A critical influence on interest rates will be Philip Lowe’s ability to engineer a more-than-doubling in the pace of wage growth.
Recently, however, pay packets have expanded at a miserable pace, with the most recent figures showing annual wage growth of just 1.4 per cent. Thats a far cry from the 3 per cent growth that RBA governor Philip Lowe thinks will be needed to get inflation in the target range.
So, how does Lowe plan to engineer a more-than-doubling in the pace of wage growth?
By getting the labour market to a point where it is so tight that competition for staff drives employers to start handing out bigger pay rises.
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