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Wages lag behind productivity growth
A NEW ACTU report shows profits are increasing at the expense of workers’ incomes.
The Shrinking Slice of the Pie paper reveals wages haven’t kept with productivity growth over the last decade.
Since 2000, productivity has risen by an average of 1.3% a year, but real hourly incomes have risen by only 0.6%.
ACTU Secretary Dave Oliver said this was creating a more unequal economy and society.
“Claims by the business lobby about a wages breakout have been repeated so often, they have become the accepted wisdom in politics and the media,” Mr Oliver said. “But the truth is very different.”
“Productivity and real wages grew fastest in the 1990s when Labor introduced enterprise bargaining. This isn’t a coincidence as there is a strong connection between giving workers fair rights at work and good outcomes on productivity and real wages.”
You can read the Slice of the Pie report here