Pressure is mounting on the Reserve Bank to tame inflation and interest rates as pay rises in new collective agreements reached 4.7 per cent across July and August.
The Fair Work Commission data released on Monday is the highest average recorded since the data series began in mid-2022.The RBA has warned higher wages without productivity growth could put upward pressure on inflation and interest rates. Economists warn the increase in pay rises as well as the Fair Work Commission per minimum wage increase this year could lead to a new kind of bargaining benchmark.
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