Inflation is falling steadily but hitting low-income households the most.
A 7% National Minimum Wage rise for low paid workers would help tackle the rising cost of living for those on award wages while having a virtually undetectable impact on economy-wide prices, new research from leading economists at the Centre for Future Work has found. The data comes as the Fair Work Commission deliberates about
The Stage 3 tax cuts were always bad, but with the removal of the low-middle income tax offset, they become a terrible political strategy as well
Millennials are not becoming more conservative as they age – and the rigged housing market is just one reason why
Perhaps as much as a third of the rate rises since April have yet to fully hit the economy
The whole point of public-sector wage caps is to keep all wages down
House prices are falling but housing unaffordability remains high
New research released on International Women’s Day reveals Australian women earn $1.01m less over their working lives than men, based on median income data. Women earn $136,000 less in superannuation over their working lives than men, based on median income data. Women earning the median wage will accumulate approximately $393,676 in super, $151,000 below what
The upsurge of inflation since the COVID-19 lockdowns has not had equal impacts on all Australians. Workers and low-income people have experienced the worst losses: both because their incomes, in most cases, have not kept up with prices, and because they are more dependent on essential goods and services (like shelter, food, and energy) than higher-income households.
New empirical research reveals the main driver for inflation in Australia is excess corporate profits, not wages, and that inflation would have stayed within the RBA target band if corporates had not squeezed consumers through the pandemic via excess price hikes.
Superannuation is too important for retirement to be allowed to be a tax dodge scheme for the wealthy. It is time to review the scheme and stop the abuses
The Carmichael Centre at the Australia Institute’s Centre for Future Work is proud to announce the appointment of Prof. David Peetz, one of Australia’s most outstanding labour policy experts, as the new Laurie Carmichael Distinguished Research Fellow. Prof. Emeritus Peetz has recently retired from a long career at Griffith University, where he served as Professor
The Reserve Bank now forecasts real household incomes will take longer to recover than they did during the 1990s recession and is also projecting economic growth at historical lows. Australian consumers are right to feel worried about the future.
The signs are already evident that household consumption is falling despite most mortgage holders yet to feel the full effects of the rate rises. The Reserve Bank however believes more pain is needed.
The cost of mortgages is soaring and households are spending less in the shops – the Reserve Bank should hold off on raising rates again next week
Most economists believe inflation has peaked and yet the Reserve Bank is still expected to raise rates next month despite real wages falling by more than 4% last year.
Home loans have fallen sharply in the past year, and the rate rises are clearly having a major impact. As such the Reserve Bank needs to wait before raising them again.
The Stage 3 tax cuts will cost $300bn in their first 9 years. A new tool shows how we can spend the money better
When you reduce the revenue available to fund government services, you inevitably increase inequality
The build up of savings during the pandemic is over – now we need strong income growth to keep the economy going as the Reserve Bank tries to slow it.
For most of this year, the warnings and news about inflation have been one of hope for the best but experience the worst. Predictions of future inflation growth have continually been revised upwards and with it has been the suggestion that interest rates need to keep rising.
Industrial Relations Reform Sets Stage for Significant Acceleration of Wage Growth.
The latest economic outlook from the OECD highlights the precarious path for Australia over the next few years.
New research shows Australian workers are on average working 6 weeks unpaid overtime per year, costing over $92 billion dollars in unpaid wages across the economy. The average worker is losing over $8,000 per year or $315 per fortnight due to what researchers have branded “time theft”. 23 November 2022 marks Go Home on Time
The latest wages price index figures show that for the first time since 2013 wages grew by more than 3% in the past year.
Proposed reforms to Australia’s industrial relations laws are likely to support higher coverage for collective bargaining in the national labour market, and provide a boost to stagnant wage growth according to new research from the Centre for Future Work. The report reviews historical data on the erosion of collective bargaining in Australia, and its close
Russia’s illegal invasion of Ukraine caused a massive surge in gas and LNG prices that have enabled gas companies around the world, including Australia to make record-level profits.
Proposed reforms to Commonwealth industrial relations laws would create more opportunities for collective bargaining to occur on a multi-employer basis, rather than being limited solely to individual workplaces or enterprises. Business groups have attacked this proposal as a dramatic change that would supposedly spark widespread work stoppages and industrial chaos.
New research from the Centre for Future Work quantifies the dramatic risks faced by workers whose employers unilaterally terminate enterprise agreements during the course of renegotiations. This aggressive employer strategy, which became common after a precedent-setting 2015 court decision, would be curtailed by new industrial relations legislation proposed by the Commonwealth Government.
The current tightening of monetary policy is undoubtedly having an impact. While it may take some time for the slowing of inflation to flow through to the official CPI figures – especially given the level of inflation that is being imported – the economy is set to slow drastically.