Albanese blames low wages on PM

ANTHONY Albanese has sought to blame Scott Morrison for “plummeting” wages after new data revealed pay is being outstripped by the price of commodities.

Wages grew at an annual rate of 2.4 per cent according to the nation’s wage price index (WPI) from the March quarter, less than half the rate of inflation – which is running at 5.1 per cent.

The Australian Bureau of Statistics released the figure on Wednesday morning, three days before the federal election and after a six-week campaign dominated by the debate over how to ease the cost of living.

The Labor leader seized on the data during his address to the National Press Club in Canberra on Wednesday.

“Real wages have gone backwards yet again. A fall of 2.7 per cent. What a hit,” Mr Albanese said as he responded to questions from journalists.

“This delivers the biggest cuts to real wages in more than 20 years. Under (the Prime Minister), real wages are plummeting but the costs of living are skyrocketing.”

Earlier, during his speech, Mr Albanese held up a dollar coin as he spoke about Australia’s lowest paid workers.

“(Mr Morrison) started the week by arguing that the workers who carried our economy through the pandemic and went out to work, risking their health to serve others for just $20.33 an hour didn’t deserve an additional $1,” he said.

The Fair Work Commission is reviewing the national minimum wage, which Labor says should keep pace with the rate of inflation at an increase of roughly $1 an hour.

The industrial umpire is holding its final consultations for its annual wage review on Wednesday, which will determine whether Australia’s lowest paid workers should earn more than the current hourly rate of $20.33.

Wages rose by a lower than expected 0.7 per cent from January to March this year.

The Coalition has centred a significant chunk of its election campaign on its narrative that it is the superior choice to Labor when it comes to managing the economy.

The Prime Minister has blamed international pressures such as the war in Ukraine and supply chain disruption for the cost-of-living crisis, saying inflation is outside his control.

Mr Morrison has said wages will increase because more people are getting into employment, although he has acknowledged pay may not keep up with inflation for another 18 months.

The official unemployment rate is tipped to hit a historic low later this year.