Federal Court calling for IR lawyer feedback; Longest low wages growth since early '90s, says RBA; and SPC Ardmona workers win extra time to consider action.
At the National Reform Summit in Canberra today, the ACTU will urge the Turnbull Government to adopt measures to boost multifactor and capital productivity, arguing that labour productivity has been growing and "is not the problem".
Hourly rates of pay excluding bonuses in the private sector are increasing at a record low of 2.2% a year in trend terms, according to the ABS Wage Price Index, released today.
Wage growth in private sector federal agreements approved by the FWC in the March quarter dropped to the lowest level since 1991, according to the Department of Employment.
Delaying access to superannuation by two years is likely to boost mature age workforce participation by two percentage points, says a new Productivity Commission report.
Forty years from now, Australia's ageing population will have reduced the country's total workforce participation rate to 62%, income growth will have slowed, and the average annual wage will be $117,300, according to the Treasury's latest long-term forecast, released today.
The body charged with reviewing the Fair Work Act has suggested that centralised wage-setting under awards might hamper the effectiveness of market signals and lead to artificially inflated pay rates, in a recently-released report on labour mobility in Australia.
