Report Shows Aussie Workers To Lose Thousands Of Dollars To Inflation In 2022

Following the release of wage growth data on Wednesday, a report from the Australian Council of Trade Unions (ACTU), has shown that Australians are on track to use 4,000 Australian dollars (about 2,090 U.S. dollars) in real wages in 2022

SYDNEY, (APP - UrduPoint / Pakistan Point News - 19th May, 2022 ) --:Following the release of wage growth data on Wednesday, a report from the Australian Council of Trade Unions (ACTU), has shown that Australians are on track to use 4,000 Australian Dollars (about 2,090 U.S. dollars) in real wages in 2022.

The Australian Bureau of Statistics (ABS) posted that wages grew by an estimated 2.4 percent in the year to March, less than half the rate of inflation which was posted at a record 5.1 percent at the beginning of the month.

ACTU Secretary Sally McManus said that the figures reveal a "disaster for working people" who have been left behind in Australia's post-COVID economic recovery.

"The cost of living is skyrocketing, at more than double the rate of wages growth. Working Australians are being forced to cut back on even the most essential items," said McManus.

The Union has made calls to Australia's Fair Work Commission arguing for a 5.5. percent increase in the minimum wage to help Australia's lowest-paid workers stay afloat.