No wage growth slows spending, GDP growth   :(
6 March 2019
ACTU



The wage growth crisis has become deep enough that the lack of income people have to spend is slowing GDP growth, according to National Accounts data released this morning by the ABS.

Household final consumption expenditure increased just 0.4% in the December quarter 2018, with through the year growth moderating to 2.0%.

Spending by working people is the engine of the domestic economy, but with wage growth at or near record lows for the last 6 years, they have nothing left. The Morrison Government has offered nothing but the empty promise of trickle-down economics and now the entire economy is suffering.

Quotes attributable to ACTU Secretary Sally McManus:

“Working people need higher wages. Spending is slowing because people don’t have anything to spend.

“This is a product of the policies of this Government. It has slashed penalty rates, opposed increases to the minimum wage and ignored the insecure work crisis.

“Wage increases don’t fall from the sky, they happen when the minimum wage goes up or when working people have the negotiating power to win them. We need to fix out industrial relations system which is badly out of balance, so that working people have the power to win pay rises.

“The Morrison Government has no plan to end this crisis, only more of the same failed policies which have led us to this point. More money for the big end of town while working people struggle to pay their bills.”   :(

Declining productivity is a real bitch isn't it.

crocodile wrote on Mar 7^th, 2019 at 6:53am:

Declining productivity is a real bitch isn't it.

You have no idea what you are talking about....Provide some independent analysis to support your argument as your opinion is worthless....Productivity has very little too do with low wage growth!!!


Quote:

PRODUCTIVITY An important piece of the wages puzzle is productivity. Is it possible that workers are not getting a pay rise because they've failed to become more productive? In a word, no. According to figures compiled by economist Saul Eslake, labour productivity has been rising above wages for some time now.

::) ::) ::)

https://www.smh.com.au/politics/federal/seven-charts-revealing-the-truth-about-wages-and-the-australian-economy-20180328-p4z6na.html

philperth2010 wrote on Mar 7^th, 2019 at 7:16am:

crocodile wrote on Mar 7th, 2019 at 6:53am: Declining productivity is a real bitch isn't it. You have no idea what you are talking about....Provide some independent analysis to support your argument as your opinion is worthless....Productivity has very little too do with low wage growth!!! Quote: PRODUCTIVITY An important piece of the wages puzzle is productivity. Is it possible that workers are not getting a pay rise because they've failed to become more productive? In a word, no. According to figures compiled by economist Saul Eslake, labour productivity has been rising above wages for some time now. ::) ::) ::) https://www.smh.com.au/politics/federal/seven-charts-revealing-the-truth-about-wages-and-the-australian-economy-20180328-p4z6na.html

You're making the classic mistake of considering only labour productivity. Wages in fact align to total factor productivity. You are an ignorant fukkwit.

crocodile wrote on Mar 7^th, 2019 at 7:22am:

philperth2010 wrote on Mar 7th, 2019 at 7:16am: crocodile wrote on Mar 7th, 2019 at 6:53am: Declining productivity is a real bitch isn't it. You have no idea what you are talking about....Provide some independent analysis to support your argument as your opinion is worthless....Productivity has very little too do with low wage growth!!! Quote: PRODUCTIVITY An important piece of the wages puzzle is productivity. Is it possible that workers are not getting a pay rise because they've failed to become more productive? In a word, no. According to figures compiled by economist Saul Eslake, labour productivity has been rising above wages for some time now. ::) ::) ::) https://www.smh.com.au/politics/federal/seven-charts-revealing-the-truth-about-wages-and-the-australian-economy-20180328-p4z6na.html You're making the classic mistake of considering only labour productivity. Wages in fact align to total factor productivity. You are an ignorant fukkwit.

Post independent analysis you dickhead....Nobody is interested in your worthless opinion you flake....Just because you make a claim does not make it a fact....Put up of shut up dickhead???

:) :) :)

philperth2010 wrote on Mar 7^th, 2019 at 7:31am:

crocodile wrote on Mar 7th, 2019 at 7:22am: philperth2010 wrote on Mar 7th, 2019 at 7:16am: crocodile wrote on Mar 7th, 2019 at 6:53am: Declining productivity is a real bitch isn't it. You have no idea what you are talking about....Provide some independent analysis to support your argument as your opinion is worthless....Productivity has very little too do with low wage growth!!! Quote: PRODUCTIVITY An important piece of the wages puzzle is productivity. Is it possible that workers are not getting a pay rise because they've failed to become more productive? In a word, no. According to figures compiled by economist Saul Eslake, labour productivity has been rising above wages for some time now. ::) ::) ::) https://www.smh.com.au/politics/federal/seven-charts-revealing-the-truth-about-wages-and-the-australian-economy-20180328-p4z6na.html You're making the classic mistake of considering only labour productivity. Wages in fact align to total factor productivity. You are an ignorant fukkwit. Post independent analysis you dickhead....Nobody is interested in your worthless opinion you flake....Just because you make a claim does not make it a fact....Put up of shut up dickhead??? :) :) :)

You do not appear to understand productivity, its components, the correlation with wages nor their reasons. It's no my job to educate you. You can buy a text book. On top of that, all of the information you requested is provided on the previous thread that you were too lazy to read. I'm past dealing with lazy, ignorant fools.

crocodile wrote on Mar 7^th, 2019 at 7:46am:

philperth2010 wrote on Mar 7th, 2019 at 7:31am: crocodile wrote on Mar 7th, 2019 at 7:22am: philperth2010 wrote on Mar 7th, 2019 at 7:16am: crocodile wrote on Mar 7th, 2019 at 6:53am: Declining productivity is a real bitch isn't it. You have no idea what you are talking about....Provide some independent analysis to support your argument as your opinion is worthless....Productivity has very little too do with low wage growth!!! Quote: PRODUCTIVITY An important piece of the wages puzzle is productivity. Is it possible that workers are not getting a pay rise because they've failed to become more productive? In a word, no. According to figures compiled by economist Saul Eslake, labour productivity has been rising above wages for some time now. ::) ::) ::) https://www.smh.com.au/politics/federal/seven-charts-revealing-the-truth-about-wages-and-the-australian-economy-20180328-p4z6na.html You're making the classic mistake of considering only labour productivity. Wages in fact align to total factor productivity. You are an ignorant fukkwit. Post independent analysis you dickhead....Nobody is interested in your worthless opinion you flake....Just because you make a claim does not make it a fact....Put up of shut up dickhead??? :) :) :) You do not appear to understand productivity, its components, the correlation with wages nor their reasons. It's no my job to educate you. You can buy a text book. On top of that, all of the information you requested is provided on the previous thread that you were too lazy to read. I'm past dealing with lazy, ignorant fools.

What about CEO productivity ? What does your book say about that ? :D LOL

Sir lastnail wrote on Mar 7^th, 2019 at 9:26am:

crocodile wrote on Mar 7th, 2019 at 7:46am: philperth2010 wrote on Mar 7th, 2019 at 7:31am: crocodile wrote on Mar 7th, 2019 at 7:22am: philperth2010 wrote on Mar 7th, 2019 at 7:16am: crocodile wrote on Mar 7th, 2019 at 6:53am: Declining productivity is a real bitch isn't it. You have no idea what you are talking about....Provide some independent analysis to support your argument as your opinion is worthless....Productivity has very little too do with low wage growth!!! Quote: PRODUCTIVITY An important piece of the wages puzzle is productivity. Is it possible that workers are not getting a pay rise because they've failed to become more productive? In a word, no. According to figures compiled by economist Saul Eslake, labour productivity has been rising above wages for some time now. ::) ::) ::) https://www.smh.com.au/politics/federal/seven-charts-revealing-the-truth-about-wages-and-the-australian-economy-20180328-p4z6na.html You're making the classic mistake of considering only labour productivity. Wages in fact align to total factor productivity. You are an ignorant fukkwit. Post independent analysis you dickhead....Nobody is interested in your worthless opinion you flake....Just because you make a claim does not make it a fact....Put up of shut up dickhead??? :) :) :) You do not appear to understand productivity, its components, the correlation with wages nor their reasons. It's no my job to educate you. You can buy a text book. On top of that, all of the information you requested is provided on the previous thread that you were too lazy to read. I'm past dealing with lazy, ignorant fools. What about CEO productivity ? What does your book say about that ? :D LOL

What about it.

crocodile wrote on Mar 7^th, 2019 at 7:46am:

philperth2010 wrote on Mar 7th, 2019 at 7:31am: crocodile wrote on Mar 7th, 2019 at 7:22am: philperth2010 wrote on Mar 7th, 2019 at 7:16am: crocodile wrote on Mar 7th, 2019 at 6:53am: Declining productivity is a real bitch isn't it. You have no idea what you are talking about....Provide some independent analysis to support your argument as your opinion is worthless....Productivity has very little too do with low wage growth!!! Quote: PRODUCTIVITY An important piece of the wages puzzle is productivity. Is it possible that workers are not getting a pay rise because they've failed to become more productive? In a word, no. According to figures compiled by economist Saul Eslake, labour productivity has been rising above wages for some time now. ::) ::) ::) https://www.smh.com.au/politics/federal/seven-charts-revealing-the-truth-about-wages-and-the-australian-economy-20180328-p4z6na.html You're making the classic mistake of considering only labour productivity. Wages in fact align to total factor productivity. You are an ignorant fukkwit. Post independent analysis you dickhead....Nobody is interested in your worthless opinion you flake....Just because you make a claim does not make it a fact....Put up of shut up dickhead??? :) :) :) You do not appear to understand productivity, its components, the correlation with wages nor their reasons. It's no my job to educate you. You can buy a text book. On top of that, all of the information you requested is provided on the previous thread that you were too lazy to read. I'm past dealing with lazy, ignorant fools.

I looked through the other thread and the only independent analysis you posted was about productivity in the USA (completely irrelevant) everything else you posted was either your pathetic opinion or abuse....Saul Eslake a renowned economist stated "labour productivity has been rising above wages for some time now"....So who are we to believe....Saul Eslake or a complete dickhead like you....You do not post a rebuttal because you can't you lying turd....Labour productivity has gone up and has nothing to do with stagnant wages according to Saul Eslake....I'm past dealing with lazy, stupid, lying ignorant fools???

::) ::) ::)

I would find professional economists - like Saul - to be more credible than Croc.

stunspore wrote on Mar 7^th, 2019 at 5:55pm:

I would find professional economists - like Saul - to be more credible than Croc.

A turd has more credibility than the reptile???

;D ;D ;D

philperth2010 wrote on Mar 7^th, 2019 at 5:44pm:

crocodile wrote on Mar 7th, 2019 at 7:46am: philperth2010 wrote on Mar 7th, 2019 at 7:31am: crocodile wrote on Mar 7th, 2019 at 7:22am: philperth2010 wrote on Mar 7th, 2019 at 7:16am: crocodile wrote on Mar 7th, 2019 at 6:53am: Declining productivity is a real bitch isn't it. You have no idea what you are talking about....Provide some independent analysis to support your argument as your opinion is worthless....Productivity has very little too do with low wage growth!!! Quote: PRODUCTIVITY An important piece of the wages puzzle is productivity. Is it possible that workers are not getting a pay rise because they've failed to become more productive? In a word, no. According to figures compiled by economist Saul Eslake, labour productivity has been rising above wages for some time now. ::) ::) ::) https://www.smh.com.au/politics/federal/seven-charts-revealing-the-truth-about-wages-and-the-australian-economy-20180328-p4z6na.html You're making the classic mistake of considering only labour productivity. Wages in fact align to total factor productivity. You are an ignorant fukkwit. Post independent analysis you dickhead....Nobody is interested in your worthless opinion you flake....Just because you make a claim does not make it a fact....Put up of shut up dickhead??? :) :) :) You do not appear to understand productivity, its components, the correlation with wages nor their reasons. It's no my job to educate you. You can buy a text book. On top of that, all of the information you requested is provided on the previous thread that you were too lazy to read. I'm past dealing with lazy, ignorant fools. I looked through the other thread and the only independent analysis you posted was about productivity in the USA (completely irrelevant) everything else you posted was either your pathetic opinion or abuse.... Showing your ignorance again. Productivity is universal and not confined to Australia. It was entirely relevant. The OP showed US labour productivity v compensation. It is reasonable to respond with US data. The chart shows a definite correlation when measured in the correct way. Saul Eslake a renowned economist stated "labour productivity has been rising above wages for some time now"....So who are we to believe....Saul Eslake or a complete dickhead like you....You do not post a rebuttal because you can't you lying turd....Labour productivity has gone up and has nothing to do with stagnant wages according to Saul Eslake....I'm past dealing with lazy, stupid, lying ignorant fools??? This is hilarious but expected from a dimwit. Saul made the observation that "labour productivity has been rising above wages for some time now". Guess what. He's correct. It has. Have I stated something different. Unlike the authors, Irvine and Gartrell, I've offered a reason. Nowhere in the article does Eslake go further you lying prick. According to you "Labour productivity has gone up and has nothing to do with stagnant wages according to Saul Eslake...." Well guess what. That's correct. Did I state something different. It depends more on total factor productivity, not labour productivity. It is plainly obvious that you don't have the slightest idea about any of this. Buy a textbook you lazy shithead. ::) ::) ::)

stunspore wrote on Mar 7^th, 2019 at 5:55pm:

I would find professional economists - like Saul - to be more credible than Croc.

Except that he hasn't said much contrary to what I've written.

philperth2010 wrote on Mar 7^th, 2019 at 5:58pm:

stunspore wrote on Mar 7th, 2019 at 5:55pm: I would find professional economists - like Saul - to be more credible than Croc. A turd has more credibility than the reptile??? ;D ;D ;D

A bit of light reading for a fukkwit that doesn't understand what he babbles on about. It's only 64 pages. Have fun. It might pay you to read a textbook first so that you actually understand what productivity, labour, capital multi and total factor are and the reasons why they impact wages. It's probably beyond your infantesimal brain.

crocodile wrote on Mar 7^th, 2019 at 11:14pm:

stunspore wrote on Mar 7th, 2019 at 5:55pm: I would find professional economists - like Saul - to be more credible than Croc. Except that he hasn't said much contrary to what I've written.

Possibly true - but i find he tends to favour ALP polices suggest as restraining/removing negative gearing on housing.

crocodile wrote on Mar 7^th, 2019 at 11:21pm:

philperth2010 wrote on Mar 7th, 2019 at 5:58pm: stunspore wrote on Mar 7th, 2019 at 5:55pm: I would find professional economists - like Saul - to be more credible than Croc. A turd has more credibility than the reptile??? ;D ;D ;D A bit of light reading for a fukkwit that doesn't understand what he babbles on about. It's only 64 pages. Have fun. It might pay you to read a textbook first so that you actually understand what productivity, labour, capital multi and total factor are and the reasons why they impact wages. It's probably beyond your infantesimal brain.

Still nothing to support your bullshit....Your opinion is worthless dickhead....Wages have remained stagnant and you blame the workers....You have no idea f@#k wit....Are you Gina Rinehart???

::) ::) ::)

unfortunately phil , you cant "complain" your way to the top.

theres is no job called "victim" or "angry entitled person" on seek.com.

i checked and they dont pay you for that sort of thing.

you could try it.

you could go to an employer and say that you are really good at complaining, you are capable of great anger and you have a cert 3 in entitlement.

they may put you on

your boss may give you a raise for these qualifications.

but i think its highly unlikely

crocodile wrote on Mar 7^th, 2019 at 11:21pm:

philperth2010 wrote on Mar 7th, 2019 at 5:58pm: stunspore wrote on Mar 7th, 2019 at 5:55pm: I would find professional economists - like Saul - to be more credible than Croc. A turd has more credibility than the reptile??? ;D ;D ;D A bit of light reading for a fukkwit that doesn't understand what he babbles on about. It's only 64 pages. Have fun. It might pay you to read a textbook first so that you actually understand what productivity, labour, capital multi and total factor are and the reasons why they impact wages. It's probably beyond your infantesimal brain.

Economics textbook, you say? Economics isn't really a science. It's as much a vehicle for ideological indoctrination as it is a science.

It's often incorrect. Economic theory didn't predict stagflation. It didn't predict the Depression. It asserts that NAIRU is necessary when there are examples of inflation being kept under control with unemployment averaging below two per cent. The current economic orthodoxy is out of date with respect to current monetary practices. It asserts that perpetual economic growth on a finite planet is possible when mathematically it clearly isn't.

So you'll forgive me if I take economic theory with a grain of salt.

philperth2010 wrote on Mar 8^th, 2019 at 7:12am:

crocodile wrote on Mar 7th, 2019 at 11:21pm: philperth2010 wrote on Mar 7th, 2019 at 5:58pm: stunspore wrote on Mar 7th, 2019 at 5:55pm: I would find professional economists - like Saul - to be more credible than Croc. A turd has more credibility than the reptile??? ;D ;D ;D A bit of light reading for a fukkwit that doesn't understand what he babbles on about. It's only 64 pages. Have fun. It might pay you to read a textbook first so that you actually understand what productivity, labour, capital multi and total factor are and the reasons why they impact wages. It's probably beyond your infantesimal brain. Still nothing to support your bullshit....Your opinion is worthless dickhead....Wages have remained stagnant and you blame the workers....You have no idea f@#k wit....Are you Gina Rinehart??? ::) ::) ::)

Where have I stated that workers are to blame you illiterate knob.

Bam wrote on Mar 8^th, 2019 at 7:35am:

crocodile wrote on Mar 7th, 2019 at 11:21pm: philperth2010 wrote on Mar 7th, 2019 at 5:58pm: stunspore wrote on Mar 7th, 2019 at 5:55pm: I would find professional economists - like Saul - to be more credible than Croc. A turd has more credibility than the reptile??? ;D ;D ;D A bit of light reading for a fukkwit that doesn't understand what he babbles on about. It's only 64 pages. Have fun. It might pay you to read a textbook first so that you actually understand what productivity, labour, capital multi and total factor are and the reasons why they impact wages. It's probably beyond your infantesimal brain. Your little rant is factually incorrect. Economics textbook, you say? Economics isn't really a science. It's as much a vehicle for ideological indoctrination as it is a science. It's often incorrect. Economic theory didn't predict stagflation. It didn't predict the Depression. It never has nor ever will be some kind of predictive crystal ball. You're misinformed. It looks at historical data and produces mathematical models based upon the data so that it can be understood why certain conditions prevail under a given set of circumstances. Stagflation was never predicted and nor was such a prediction attempted. Only post event analysis was undertaken. It asserts that NAIRU is necessary when there are examples of inflation being kept under control with unemployment averaging below two per cent. Misinformed again. NAIRU is simply a measure. No different to saying that today in Sydney it is 30 degrees. It is not a target nor is there any policy that keeps it within a certain range. Unemployment figures as you quote are entirely useless without participation rate data. The current economic orthodoxy is out of date with respect to current monetary practices. It asserts that perpetual economic growth on a finite planet is possible when mathematically it clearly isn't. Do you have any evidence of this assertion. So you'll forgive me if I take economic theory with a grain of salt. It's not my position to forgive anything. You're only guilty of being a poor misinformed sod.