Reserve Bank governor Philip Lowe.
Reserve Bank governor Philip Lowe has called on workers to start demanding pay rises.
Lowe said on June 19 Australia’s economy is suffering a “crisis” in wage growth and the relatively low unemployment rate means workers should start asking for a larger share of the nation’s economic pie.
His call comes as data shows the share of national income going to workers has fallen to a 50 year low and the underemployment rate, where workers want to work more hours, rose to 8.8%.
Underemployment has now risen for the past six consecutive quarters.
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