Wages have been kept down by employees needing to leave their jobs and a developing ability mismatch between job vacancies along with the jobless, the Reserve Bank of Australia states.
Australia’s wage growth was stuck at historical lows at or beneath the increasing cost of living, annoying employees and developing a political and financial hassle for policymakers.
Low levels of industrial actions, technological disturbance and increased casualisation have been blamed by economists to the worldwide state of flux.
However, the Reserve Bank’s deputy governor Guy Debelle said employees reluctance to have a risk and move after a much better paying job was playing a role.
“Among the factors contributing to this is that the minimal amount of voluntary job earnings. Employees often choose to leave their job for a better job — be it in pay or conditions,