Bargained wage rises in the private sector show little sign of pushing towards the "materially higher" benchmark set by the RBA, growing at 2.6% for the second quarter in a row, while public sector bargaining collapsed.
The Berejiklian Coalition Government will relax its COVID-19 public sector wage freeze from July 1, moving back to the former 2.5%-a-year cap, and introduce paid leave for workers who suffer a stillbirth or miscarriage.
Reserve Bank Governor Philip Lowe has today added a new reason to his long list of why employers are not lifting wages - the "laser-like focus on costs" that has become the "predominant mindset" of many businesses.
The UWU is seeking at this weekend's Queensland ALP conference to axe the Palaszczuk Government's public sector wage cap, which limits annual pay rises to 2.5%.
The ABS has delivered a small boost to hopes that wages growth might exceed restrained government projections after today's quarterly figures showed an annual lift of 1.5% across the economy.
The RBA has slightly raised its wage growth forecast, noting that it will almost entirely be driven by the private sector as public sector wage caps remain in effect.
Ahead of its appearance today before the Senate inquiry into the Omnibus IR Bill, the Centre for Future Work has warned that as Australia experiences an unprecedented period of low pay growth, the legislation's changes "will exert additional downward pressure".
The RBA is warning that wage growth won't be "materially higher" for at least three years, while Centre for Future Work analysis suggests that the proposed Omnibus Bill provision permitting approval of BOOT-failing agreements will further hamper any recovery in pay rises.
A majority of workers at the revamped Virgin Australia have agreed to a pay freeze for up to two years under new enterprise agreements negotiated between aviation unions and the airline's management.
