REAL per capital wages and salaries nationally peaked in June 2012 … but have fallen by 3.7% since this peak ….
THE LNP COALITION came to power on 7 September 2013 …
Real per capital wages & salaries in NSW have risen just 1.8% since June 2012.
The NSW LNP Coalition won the state election on 26 March 2011.
Australian workers’ living standards have fallen heavily over the past seven years … coinciding with the Coalition in Government federally since 2013 and from 2011 in New South Wales and the competition from both permanent migration and temporary Visa holders with 1.6 Million Visa Workers in Australia at any point in time …
AND …
–around 709,000 people are currently unemployed in Australia
–the unemployment rate could be as high as 19.7 per cent if both the underemployed and the ‘marginally attached’ are taken into account
-the marginally attached are those who are available to work and would like to be employed, but are not looking for a job; as many as 1.055 million of them.
Incoming Prime Minister Tony Abbott, onstage at the Four Seasons Hotel ballroom in Sydney, claims victory in the 2013 Federal Election. 7 September 2013. Photo by Penny Bradfield/Guardian Australia
Champagne ready to be drunk, ahead of Tony Abbott’s election function, at the Four Seasons Hotel ballroom in Sydney, 7 September 2013, Photo by Penny Bradfield/Guardian Australia
Australian households’ ten year wage recession
By Unconventional Economist in Australian Economy
December 4, 2019 | 1 comment
The September quarter Business Indicators report was released by the ABS, which includes aggregate wages & salaries data, namely “gross earnings before taxation and other deductions” and “includes provisions for employee entitlements”.
In order to get a better sense of how Australian workers are faring, I have deflated this aggregate nominal wages & salaries data to real values (using the consumer price index) and real per capita values (using the latest population data).
Below are the charts presented in index form since the series’ inception in March 2001.
First, the national picture:
Real per capital wages & salaries nationally have fallen by 3.7% since peaking in June 2012.
Next NSW:
Real per capital wages & salaries in NSW have risen just 1.8% since June 2012.
Next Victoria:
Real per capital wages & salaries in VIC have fallen 4.9% since June 2012.
Next Queensland:
Real per capital wages & salaries in QLD have fallen 6.9% since June 2012.
Next Western Australia:
Real per capital wages & salaries in WA have fallen 10.6% since June 2012.
Next South Australia:
Real per capital wages & salaries in SA have fallen 5.7% since June 2012.
Next Tasmania:
Real per capital wages & salaries in TAS have fallen 4.1% since June 2012.
Next ACT:
*Real per capital wages & salaries in TAS have fallen 8.0% since June 2012.
And finally, here’s the NT:
Real per capital wages & salaries in NT have risen 22.7% since June 2012.
Finally, here’s the per capita summary by jurisdiction:
It should be emphasised that the above charts measure real aggregate wages & salaries on a per capita basis (i.e. divided by every man women and child), rather than on a per employee basis, so it does not take into consideration changes in the employment-to-population ratio (this was 61.8% in June 2012 versus 62.6% in October 2019).
Regardless, the above charts suggest that Australian workers’ living standards have fallen heavily over the past seven years, masked on an aggregate level – and caused in part by – breakneck population growth (immigration).
Photo: AFR
Unconventional Economist
Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
SOURCE: https://www.macrobusiness.com.au/2019/12/australian-households-ten-year-wage-recession/
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