levels for a0 years, it means real wages fell by the fastest rate since records began almost 20 years ago. on this chart, the red line shows what s happened to pay rises in the past decade, and the blue line shows how often that s fallen behind the average three month figure for inflation. labour is pressing its plan for much more government support with the cost of living. this wage stagnation has been going on for ten years, so i really understand just how people are struggling. it s one of the reasons that we announced our energy price freeze yesterday, to keep those bills down, and to make the choice that the oil and gas companies in the north sea should pay a windfall tax to help people who are struggling through the winter period, so it s further evidence, i think, of the pressure that so many millions of people are under. it s the biggest drop in living standards since the silverjubilee, way back in 1977, according to the living standards think tank the resolution foundation. th
and, you know, as an industry, we need to be looking at, are we open for maybe four days a week, and do an amazing service, rather than trying to open for seven? the recruitment crisis does mean if you re looking for work, you re in a better bargaining position than you ve been for decades, but it also slows down economic growth this restaurant could be open and it has other negative effects, subtle kinds of inflation, visible not so much in higher prices, but in queues and longer waiting times. in the public sector those longer waiting times are getting worse, partly because it s harder to recruit more staff when the pay is getting poorer. there is now a gaping distance between pay in the private sector, up 5.9%, and in the public sector upjust1.8%. after allowing for inflation that is a real terms pay cut of more than 6%. labour is pressing its plan for much more government support for the cost of living. more government support this wage stagnation has been going on for ten year
which is actually pretty chunky growth. i mean, that s the strongest growth we ve seen, sort of, close to 15 years. but, unfortunately, when taking into account inflation, which is running at the highest levels for a0 years, it means real wages fell by the fastest rate since records began almost 20 years ago. on this chart, the red line shows what s happened to pay rises in the past decade, and the blue line shows how often that s fallen behind the average three month figure for inflation. labour is pressing its plan for much more government support with the cost of living. this wage stagnation has been going on for ten years, so i really understand just how people are struggling. it s one of the reasons that we announced our energy price freeze yesterday, to keep those bills down, and to make the choice that the oil and gas companies in the north sea should pay a windfall tax to help people who are struggling through the winter period, so it s further evidence, i think, of the pressur
The Fair Work Commission has granted a pay increase to Australia’s lowest-paid workers for a good reason. Even with rising inflation, the economy is strong.