The ACTU has released a discussion paper coining the term “income recession” to describe the double impact of wage stagnation and cost of living increases: “The vast wealth generated over the last three decades has decisively gone into the hands of a privileged few. Profits, executive salaries and bonuses have soared, while average real wage growth has remained anaemic.” The report draws on the work of ANU’s Ben Phillips to suggest that living standards have suffered their largest fall in 30 years, before suggesting a suite of policies to address the problem.
5 March 2019