E33: Wages V Inflation

Statistically Insignificant

When is a raise not a raise? How do you work out what a multi-year pay agreement should do? Why does the government think that young people and people with disabilites have less expensive lives than others?

We dive into the relationship between pay and inflation, looking at how comparison calculations can be done, and what gaps emerge over extended periods of time.

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References:

World Bank (2022) 'Inflation, consumer prices (annual &)', https://data.worldbank.org/indicator/FP.CPI.TOTL.ZG?end=2021&start=2009, accessed 27th Dec 2022.

OECD.Stat (2022) 'Real minimum wages', https://stats.oecd.org/Index.aspx?DataSetCode=RMW, accessed 27th Dec 2022

Australian Bureau of Statistics. (Sep-quarter-2022). Consumer Price Index, Australia. ABS. https://www.abs.gov.au/statistics/economy/price-indexes-and-inflation/consumer-price-index-australia/sep-quarter-2022.

Fair Work Commission (2022) 'Annual Wage Review 2022-23', https://www.fwc.gov.au/hearings-decisions/major-cases/annual-wage-reviews/annual-wage-review-2022-23

Fair Work Ombudsman (2022) 'Employees with disability pay rates',

https://www.fairwork.gov.au/pay-and-wages/minimum-wages/employees-with-disability-pay-rates, accessed 28th Dec 2022.

Fair Work Act 2009 (Cth.) https://www.legislation.gov.au/Details/C2022C00341

The video version of this episode is at https://youtu.be/2Czj5mJAg44

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