CPI has remained low at 1.7 per cent according to new data released this morning by the ABS.
Prices remain low because domestic demand has been driven into the ground by seven years of historically low wage growth.
The Australian economy is faltering. We have the slowest economic growth since the GFC, a wages crisis, households being forced to dip into their savings and low consumption.
The Morrison Government’s policies have been successful in keeping wages down and are strangling the economy.
As stated by ACTU Secretary Sally McManus:
“Under this Government, wages have been flat for so long that working people have nothing to spend. The economy is grinding to a halt because of the Morrison Government’s blind adherence to failed trickle-down economics.
“Working people need a pay rise, but this Government is pursing policies which keep downward pressure on wages by making it harder for unions to do their work.
“The Morrison Government could take a step towards increased wage growth tomorrow by stopping its attacks on unions and supporting union campaigns to raise wages across the country.”
