Forty years from now, Australia's ageing population will have reduced the country's total workforce participation rate to 62%, income growth will have slowed, and the average annual wage will be $117,300, according to the Treasury's latest long-term forecast, released today.
The body charged with reviewing the Fair Work Act has suggested that centralised wage-setting under awards might hamper the effectiveness of market signals and lead to artificially inflated pay rates, in a recently-released report on labour mobility in Australia.
The Fair Work Commission has pushed the federal and state governments to show their hands in this year's wage review, asking them what dollar or percentage increase would constitute a "cautious" or "balanced" approach.
New analysis by the ACTU argues that the real agenda of the Commission of Audit's suggested changes to the national minimum wage is to reduce the pay safety net for 1.5 million workers who receive award minimum rates.
Private sector agreements approved in the December quarter provided average pay rises of 3.6% a year, slightly up on the 3.5% annual increase recorded in the September quarter, according to Department of Employment data released today.
Victoria will seek to terminate ambulance action that affects community safety; RBA says wages subdued; WPI growing at slowest recorded pace; Discipline policy overrides custom: decision upheld; Up to $7 trillion of super could fund infrastructure growth by 2030: report shows; Vale Kathrine (Kath) Nelson; and Correction to article about WA minister.
