As a resume writer and employment expert, I keep an eye on a range of economic indices. One of the most important is wage growth. This is a sad and sorry story in Australia and shows we have our priorities wrong. I’ve attached the graph as the story graphic.
About 2.2 million Australians are on the minimum wage — which is $19.84 per hour ($753.80 per week).
Most are on awards in healthcare, early childcare, construction, retail and tourism.
Yet the things we need to buy to survive became a lot more expensive between 2005 and 2020 — 61.4 per cent more expensive to be exact.
That’s not a drama if you’re earning a good wage but if you’re in the lower salary grades, it’s major a problem. You’re going backwards. If you’re on the dole, it’s poverty.
Not only has the cost of essentials increased, but the percentage of our spending that goes towards them has increased.
Australia has been suffering for almost a decade from the worst wages stagnation since the 1930s.
These are long-running structural problems, which fester.