Most Australians have little chance of getting a pay rise unless they change career with the Covid pandemic shattering old assumptions about lower unemployment.
An unemployment rate below 5 per cent has historically resulted in decent pay rises but the Budget forecast that was no longer the case, with wage growth to remain under 3 per cent through to 2025. The outlook for wage growth is expected to remain moderate over the forecast period, the Budget papers said. This reflects both the severe impacts of the pandemic and the continued spare capacity in the labour market in the near-term.
Australians are set to miss out on pay rises unless they strategically change career with the Covid pandemic shattering old assumptions about lower unemployment. Pictured are Sydney nurses