Judo Bank Economic Advisor Warren Hogan says the unemployment rate being at 3.7 per cent is “creating upward pressure” on wages and inflation. Mr Hogan added it isn’t that Australia’s wage pressures are not coming through and moving upwards, but it’s happening gradually due to the nation’s very regulated wage market. “This is the here and now when it comes to the labour market and that is that the unemployment rate is at 3.7, full employment we think in the current economic environment is around 4 or 4.5,” he told Sky News Australia. “Seek numbers which have been pretty stable at around four per cent just under – similar to the wage price index for a little while now, now it’s starting to pick up again. “I think this is the issue, it’s not that Australia’s wage pressures aren’t coming through and heading upwards, it’s just it’s happening gradually because we’ve got a very regulated labour market.”
Judo Bank Economic Advisor Warren Hogan says the unemployment rate being at 3.7 per cent is “creating upward pressure” on wages and inflation.
Mr Hogan added it isn’t that Australia’s wage pressures are not coming through and moving upwards, but it’s happening gradually due to the nation’s very regulated wage market. “This is the here and now when it comes to the labour market and that is that the unemployment rate is at 3.7, full employment we think in the current economic environment is around 4 or 4.5,” he told Sky News Australia.
“Seek numbers which have been pretty stable at around four per cent just under – similar to the wage price index for a little while now, now it’s starting to pick up again. “I think this is the issue, it’s not that Australia’s wage pressures aren’t coming through and heading upwards, it’s just it’s happening gradually because we’ve got a very regulated labour market.”
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