The Reserve Bank of Australia’s (RBA) Statement of Monetary Policy (SoMP) forecast that by Q2 2027, Australian real wages would be 5.9% below the Q2 2020 peak, tracking around the same level as December 2011.
Extrapolating the RBA’s forecast suggests that Australian real wages may not recover to the Q2 2020 peak until around 2040.
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AMP chief economist Shane Oliver is extra optimistic, forecasting that Australia’s actual wages will get well by 2032.
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