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- May 25, 2013
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Interesting views from the Head of the Australian Reserve Bank - basically he is saying we are afraid of the amount of foreigners being let in that we won't ask for pay rises. Real average wages have fallen for 4 years and the Bank is saying thats a bad thing - however the clear policy of both our major parties is to drive down wages so we can get screwed by cheap imported labour. Sounds like our Executive arm and Finance arm our out of syn and we are all paying the price for that (ie both want to kiss the arse of the rich and screw the middle class)
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Dr Lowe said workers were "worried about foreigners and robots" and that this fear of competition had discouraged them from asking for a pay rise.
"When anyone feels like there is more competition they are less inclined to put their price up," he said. "People also value security, one way to increase security is not to get a pay rise."
"The problems we are talking about here aren't going to be solved In a couple of years, they are going to be solved in a decade," he said.
Dr Lowe said he expected the tighter labour market to eventually result in people asking for higher wages and the distinction between "part time and full time work was old fashioned."
"Some people working a few less hours is a probably a good thing," he said.
Former Treasury chief Ken Henry laid the blame for lower wages on the shift in power from workers to technology.
"Real average weekly earnings have fallen over the last four years, no one wants that," said the National Australia Bank chairman.
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http://www.smh.com.au/business/the-...ar-foreigners-and-robots-20170618-gwtr20.html
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Dr Lowe said workers were "worried about foreigners and robots" and that this fear of competition had discouraged them from asking for a pay rise.
"When anyone feels like there is more competition they are less inclined to put their price up," he said. "People also value security, one way to increase security is not to get a pay rise."
"The problems we are talking about here aren't going to be solved In a couple of years, they are going to be solved in a decade," he said.
Dr Lowe said he expected the tighter labour market to eventually result in people asking for higher wages and the distinction between "part time and full time work was old fashioned."
"Some people working a few less hours is a probably a good thing," he said.
Former Treasury chief Ken Henry laid the blame for lower wages on the shift in power from workers to technology.
"Real average weekly earnings have fallen over the last four years, no one wants that," said the National Australia Bank chairman.
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http://www.smh.com.au/business/the-...ar-foreigners-and-robots-20170618-gwtr20.html
