Labor should recognise that the complex and over-prescriptive award system is not the best mechanism for helping Australians do better in the job market.
may have injected a bit more stimulus into the economy that will keep up the pressure on the Reserve Bank to get on top of Australia’s inflation outbreak.
That would come as inflation is becoming more “persistent” and “sticky”, and driven more by price increases in the labour-intensive services sector. Along with debunking a union campaign to blame inflation on business profiteering, the Reserve Bank warns that stalled productivity growth is translating into “briskly” rising unit labour costs and “upside risks” to inflation even with aggregate wages growth not much more than 3 per cent.
The government should make clear to the FWC minimum wage hearing that wage restraint now has an important role in grasping the rare opportunity to entrench unemployment at 4 per cent or so. That should apply across the board to labour market regulation, such as Labor’s anti-competitive move to encourage unions to press pattern bargaining across entire industries, regardless of productivity.
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