with
TONY BURKE MP
SHADOW MINISTER FOR INDUSTRIAL RELATIONS
SHADOW MINISTER FOR THE ARTS
MANAGER OF OPPOSITION BUSINESS
MEMBER FOR WATSON
and
BRENDAN O’CONNOR MP
SHADOW MINISTER FOR EMPLOYMENT AND INDUSTRY SHADOW MINISTER FOR SCIENCE
SHADOW MINISTER FOR SMALL AND FAMILY BUSINESS
MEMBER FOR GORTON

New figures today reveal that wages growth has collapsed further in the middle of Australia’s first recession in 30 years, after already hitting record lows under this Liberals-National Government.
 
Stagnant wages growth were already a longstanding economic challenge even before the virus and is a “deliberate design feature” of the Morrison Government’s flawed policy approach.  
 
Despite record low wages growth, rising unemployment and deteriorating private investment, the Morrison Government is preparing to withdraw vital economic support from September without a plan to create jobs and get the economy moving again.
 
This latest ABS Wage Price Index highlights that:

• Wages growth was already stagnant and in decline before the virus hit, with the Liberals presiding over the worst wages growth in Australia’s history.
• Annual wages growth collapsed further in the quarter to its lowest level since the data series began nearly three decades ago, at 1.8 per cent over the year to June.
• The collapse in the quarter was driven by private wages growth, which recorded its weakest quarterly growth on record at just 0.1 per cent in the June quarter and recorded its lowest annual growth on record at 1.7 per cent.

Scott Morrison’s lack of a comprehensive plan to support workers, households and businesses in the middle of this recession poses an increasing risk to the recovery and to jobs as unemployment continues to rise.
 
Vulnerable workers, businesses and communities need and deserve a plan from the Morrison Government to promote growth, protect and create jobs, support business and set Australia up for the recovery.
 
WEDNESDAY, 12 AUGUST 2020