Source: Canva
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Australia is now in the same league as Lithuania, Estonia and Hungary when it comes to cutting real pay, according to a new OECD report.
These are the only countries where cuts in real pay – pay adjusted for inflation – have been more severe for low-paid workers than those on higher salaries.
The OECD’s latest Employment Outlook 2024 reports that, compared with the period immediately before the pandemic, real wages are lower today in 16 of the 35 countries.
Australia’s real wages are 4.8% lower than pre-pandemic levels while across the OECD real wages over the same period have, on average, risen 1.
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