Wages growth a matter of basic economics

The Wage Price Index data released today is proof that a productive economy is the best path to securing the living standards and growing wages Australians deserve, Business Council chief executive Jennifer Westacott said today.

“The Wage Price Index rose 2.3 per cent through the year to September 2018, the fastest growth since 2015. When bonuses are included, real wages growth is almost 1 per cent.

“Getting wages growing again has never been about finding a magic pudding, it has always been basic economics. When businesses thrive, Australians thrive. 

“Productivity growth has been, and will remain, the key long run driver of real wages growth. Today’s data also provides more evidence that productivity and real wages continue to be linked. 

“The message here is simple – keeping Australia globally competitive and attracting the investment we need to keep growing is the best thing we can do to keep wages growing.

“These results are a positive sign but they must be a call to action for our political leaders. It’s time to double down on attracting the investment we need to boost productivity and grow wages.”