Report shows Aussie workers to lose thousands of dollars to inflation in 2022-Xinhua

Report shows Aussie workers to lose thousands of dollars to inflation in 2022

Source: Xinhua| 2022-05-19 09:14:30|Editor: huaxia

SYDNEY, May 19 (Xinhua) -- Following the release of wage growth data on Wednesday, a report from the Australian Council of Trade Unions (ACTU), has shown that Australians are on track to use 4,000 Australian dollars (about 2,090 U.S. dollars) in real wages in 2022.

The Australian Bureau of Statistics (ABS) posted that wages grew by an estimated 2.4 percent in the year to March, less than half the rate of inflation which was posted at a record 5.1 percent at the beginning of the month.

ACTU Secretary Sally McManus said that the figures reveal a "disaster for working people" who have been left behind in Australia's post-COVID economic recovery.

"The cost of living is skyrocketing, at more than double the rate of wages growth. Working Australians are being forced to cut back on even the most essential items," said McManus.

The Union has made calls to Australia's Fair Work Commission arguing for a 5.5. percent increase in the minimum wage to help Australia's lowest-paid workers stay afloat.

Australia's unemployment rate has reached a multi-decade low of 4 percent, signaling a tightening labor market.

This has driven up wages in many in-demand industries, however, it has done little to lift Australia's minimum wage of 20.33 Australian dollars (about 14.16 U.S. dollars) per hour.

A poll, conducted by independent polling company Redbridge for the ACTU and released on Thursday morning, showed that 78 percent of voters would vote for a party that was committed to ensuring the protection of real wages.

Furthermore, over 58 percent polled said they were "dissatisfied" with the current government's performance on the cost of living.

"Working people know that another three years of this government will mean three more years waiting for wage growth that will never come," said McManus, commenting on the poll figures.