The uncertainty over the future of wages will be put to rest over the coming months. And it may not be pretty. ausbiz auspol
, just weeks after Workplace Relations Minister Tony Burke appointed him in March.
But NAB economist Taylor Nugent says that with the government submitting that the lowest paid should not go backwards in real terms, “a 6-7 per cent increase is not inconceivable”. The higher increase is needed because unions calculate that last year’s minimum wage rise contributed only 0.29 percentage points to the 3.3 per cent overall wage growth in the September quarter.But businesses insist unions are underestimating the impact of the decision, including its flow-on effects for individual and collective agreements.
Ben Picton, senior economic strategist at Rabobank, says a wage-price spiral is still a concern because inflation expectations are highly dependent on the past. Enterprise agreements, which have lagged the more responsive individual agreements on wages, have started to pick up.the highest in 15 yearsIn construction, where pay rises are already 5 per cent in normal times, CFMEU Victorian secretary John Setka has promised a “big blue” when the union starts negotiating catch-up pay rises later this year.John Setka addresses members at the CFMMEU national conference late last year.
The CPSU has demanded an ambitious 20 per cent “catch up” pay rise from the Commonwealth, made up of 9 per cent in the first year, then 6 per cent and 5 per cent.
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