Wages growth should be skyrocketing on the back of Australia’s low unemployment. Is the system broken? | Greg Jericho | The Guardian

‘Wages are supposed to respond to lower unemployment and higher vacancies,’ writes Greg Jericho.

it remains rather striking that while we are celebrating unemployment figures not seen since the mid-1970s, we are experiencing wage growth we haven’t seen this high since … oh, 2019.

The current circumstances allow us to put to the test a few economic theories.

By all accounts, wages growth should be skyrocketing. There should be a wages breakout due to the demand for workers. If not now, when? Wages are supposed to respond to lower unemployment and higher vacancies.

Source: Wages growth should be skyrocketing on the back of Australia’s low unemployment. Is the system broken? | Greg Jericho | The Guardian

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