Work smarter. Work harder. Earn more.
That’s the idea anyhow. One the Reserve Bank of Australia believes federal politicians can help push to finally see some real wage growth return for Australian workers. Which leads to the obvious question: What do politicians know about productivity?
But nonetheless, RBA Governor Philip Lowe is urging federal politicians to solidify the nation’s productivity keeps rising.
Work harder, says RBA boss
He told a federal parliamentary committee hearing in Sydney on Wednesday,
‘From a longer-term perspective … the key to boosting the real income of households is lifting productivity.
‘I encourage you to keep examining ways to do this.’
In the meantime, Lowe has urged people to be patient in awaiting higher wages — acknowledging the process has been taking longer than expecting.
‘There is a pick up of wage growth taking place … it hasn’t been a marked pick up, but it is actually gradually picking up,’ he said.
‘The frustration that I have and many others have is that it’s taking longer than it used to.’
He also stressed that the trend is not unique to Australia.
Increased wages on the horizon?
AAP reports that Dr Lowe said that employers are less likely to increase people’s wages when there is such high competition in a workplace, and globalisation has fostered such ‘perceptions of competition and uncertainty’.
‘This phenomena we’re talking about is a global one. It’s in almost every advanced economy.’
Ah, the benefits of globalisation just keep on pouring in.
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