The Consumer Price Index released by the ABS today is more evidence of the economic failings of Tony Abbott and Joe Hockey.
The price of Australian consumer goods and services increased just 0.2 per cent in the three months to December, with headline inflation rising 1.7 per cent in the year to December.
ACTU Assistant Secretary Tim Lyons said Australia has no inflation problem and no public debt problem.
"What we do have is stagnant economic growth, rising unemployment and record low wages growth that is barely enough to keep up with even low inflation.
"Productivity growth should be reflected in rising real wages but it is not happening.
"Yet despite these facts, Tony Abbott and Joe Hockey want to cut wages even further by attacking safety nets like the minimum wage, award wages and penalty rates through the Productivity Commission inquiry into workplace relations."
"By attacking the social wage, universal healthcare and education, Tony Abbott is increasing inequality, driving down our living standards and leading to the Americanisation of our society."
Mr Lyons said the Abbott government is taking Australia’s economic policies in the wrong direction.
"Economic growth is too slow and real wages are basically stagnant," said Mr Lyons.
"This sucks the purchasing power from consumers, which strangles demand for goods produced by business so they in turn are not investing for growth.
Mr Lyons said it is a vicious downward spiral exemplified by the austerity measures in Greece over the past six years.
"In the rest of the world there is now a clear and welcome movement away from austerity measures,” said Mr Lyons.
"There is a global push to reduce inequality and increase economic growth through targeted social protection, minimum wages and jobs growth.
"Sharp and growing inequality is bad for growth, a point now recognised by international institutions including the IMF and World Bank.
Mr Lyons said the Abbott Government needs to focus on jobs growth.
"L20 economic modelling presented at the G20 in Brisbane last year shows that lifting the wages share of national income and boosting public investment in infrastructure will reduce inequality and boost growth."
"Today’s inflation figures are yet another wake up call for the Abbott government to rethink its attack on wages, rights and conditions at work. The Abbott government’s policies are strangling our future."
The price of Australian consumer goods and services increased just 0.2 per cent in the three months to December, with headline inflation rising 1.7 per cent in the year to December.
ACTU Assistant Secretary Tim Lyons said Australia has no inflation problem and no public debt problem.
"What we do have is stagnant economic growth, rising unemployment and record low wages growth that is barely enough to keep up with even low inflation.
"Productivity growth should be reflected in rising real wages but it is not happening.
"Yet despite these facts, Tony Abbott and Joe Hockey want to cut wages even further by attacking safety nets like the minimum wage, award wages and penalty rates through the Productivity Commission inquiry into workplace relations."
"By attacking the social wage, universal healthcare and education, Tony Abbott is increasing inequality, driving down our living standards and leading to the Americanisation of our society."
Mr Lyons said the Abbott government is taking Australia’s economic policies in the wrong direction.
"Economic growth is too slow and real wages are basically stagnant," said Mr Lyons.
"This sucks the purchasing power from consumers, which strangles demand for goods produced by business so they in turn are not investing for growth.
Mr Lyons said it is a vicious downward spiral exemplified by the austerity measures in Greece over the past six years.
"In the rest of the world there is now a clear and welcome movement away from austerity measures,” said Mr Lyons.
"There is a global push to reduce inequality and increase economic growth through targeted social protection, minimum wages and jobs growth.
"Sharp and growing inequality is bad for growth, a point now recognised by international institutions including the IMF and World Bank.
Mr Lyons said the Abbott Government needs to focus on jobs growth.
"L20 economic modelling presented at the G20 in Brisbane last year shows that lifting the wages share of national income and boosting public investment in infrastructure will reduce inequality and boost growth."
"Today’s inflation figures are yet another wake up call for the Abbott government to rethink its attack on wages, rights and conditions at work. The Abbott government’s policies are strangling our future."
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