15 Years Of “No Real Income Growth”?

I highlighted last week the arcane discussion in Senate estimates about measuring earnings growth across the Australian economy. Senator Canavan suggested there was some gaslighting going on as the RBA pivot away from the so called wage price index, to a measure which includes people shifting jobs, reported in the national accounts as average earnings. The latter is indeed a broader measure of labour earnings because it includes changes in bonuses, overtime, and other payments as well as the impact of workers transitioning to jobs with different levels of pay. According to the RBA in their recent Statement on Monetary […]