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The Forum > General Discussion > Low wages growth, who's fault is it!

Low wages growth, who's fault is it!

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Well in my view Adan is about the closest to the money, with most others just being the usual rant. Although I will say it's hard to stimulate an economy with a huge inherited debt, and a useless leader at the helm. Put the brakes on foriegn aid and immigration would be two good places to start towards bringing in some much needed cash.

Retail is one sector that are price takers, not price makers, so while the likes of accountants, lawyers, even trades can usually apply cpi to their pricing, retail can not as the consumer will just go elsewhere.

Farmers are another who take what they get which is one reason so many farms are now housing estates.

Like it or not, we are what we sow!
Posted by rehctub, Tuesday, 30 May 2017 7:15:49 AM
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rehctub,
"Although I will say it's hard to stimulate an economy with a huge inherited debt"

Why? What do you think the worst case scenario(s) would be?
Posted by Aidan, Tuesday, 30 May 2017 11:11:39 AM
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Firstly to clarify, wages do come from profits, they come from gross priofits because like all expenses, they are the difference between gros and net profits.

Aidan, my fear is if we borrow like drunken soldiers again, it will be wasted again, just like insulation or shhool halls.

In order to move forward we have to minimise the 'dead wood' that feeds from the public tit wherever possible. It is pointless bringing more people in when we dont have enough work for those who are already here, or if we cant get them off their arses, and why should we be borrowing for foriegn aid. Aid should come from surpluses, not borrowings because that is robbing from our own.
Posted by rehctub, Tuesday, 30 May 2017 3:15:58 PM
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rehctub,

I agree the money should not be wasted.

But the "borrow like drunken soldiers" rhetoric shows you to be driven by anti government ideology and blind to the facts. Last time the government's behaviour was not like drunken anything: it borrowed and spent the appropriate amount to stimulate the economy.

In WA the School Halls scheme was excellent value for money, as the government scrutinised every contract and if anything was more expensive than expected, demanded to know why. It wasn't a disaster in SA, Queensland or Tasmania either. It was only in Victoria and NSW, where its management was contracted out to the private sector, that huge amounts of money were wasted.

IOW it's capable government that gives good value for money; minimal government just leads to false economies.

In order to move forward we must stop assuming productive people to be dead wood!

We should be running the economy to ensure there's always enough work for everyone, whether they're here already or not.

We do not specifically borrow for foreign aid. Foreign aid is funded through general revenue. Whether we are in deficit or surplus is immaterial to whether or not our aid spending is worthwhile. Indeed whether we're in deficit or surplus depends mainly on the economic cycle.

We can always afford a stimulus when we need one, regardless of how much debt we have.
Posted by Aidan, Wednesday, 31 May 2017 3:17:00 AM
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I believe your opinion EmperorJulian is on point.
Posted by rollyczar, Wednesday, 31 May 2017 7:50:33 AM
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Wage growth has been constrained in the mining industry over the past three years due to a downturn in the sector, transitioning from high wages and pay rises during the boom.
Last month, Reserve Bank governor Philip Lowe warned that record high household debt and record low wage rises were limiting consumer spending and hurting the national economy.
Many economists predicted a small increase in wage growth last month and have since said the poor result would do little to increase the consumer spending many businesses rely on.
The Federal Opposition accusing the Government of failing to protect the income of thousands of low-paid weekend workers.
Why? Because the hundreds of thousands of retail and hospitality workers affected by this decision are also customers.
What do you think happens when you cut someone's pay packet by as much as 25 per cent for their Sunday shifts?
How much has this decision taken out of the economy. “The estimation is 5,750,000,000” That is what retail has lost in income. This intern will drive people to invest in cheaper goods, and forgo luxuries.
With costs rising due to fuel costs we are not going to have a consumer led recovery, we have stagnated.
Posted by doog, Wednesday, 31 May 2017 1:22:20 PM
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