Daniel Mulino (Fraser, Australian Labor Party) Share this | Link to this | Hansard source

Earlier today, the ABS released the June 2024 quarterly data for the wage price index. This is the best overall measure of wages growth in the economy. The data showed that the WPI rose 0.8 per cent in the June quarter and, more importantly, 4.1 per cent over the year. This follows on from recent releases of 4.1 per cent, 4.2 per cent and 4.0 per cent. This shows that wages have stabilised at a sustainable level but, importantly, at a level materially higher than when those opposite were in power. That's because those opposite had a deliberate policy of wages suppression and, not surprisingly, that policy had results: the lowest sustained wages growth in decades. In contrast, we have a policy of higher sustainable wages growth. That includes supporting a higher minimum wage. It includes higher pay for aged-care workers. It includes a 15 per cent pay rise over two years for early childhood education and care workers. More broadly, it reflects much-needed reforms of IR laws, which for too long have stymied genuine negotiations. Of course, the changes to the stage 3 tax cuts mean that wage earners don't just earn more but keep more of what they earn. For those not earning wages, successive budgets have provided material support through energy bill relief, rent assistance and cheaper medicines. This government is providing real, concrete support for people so that they earn more and keep more of what they earn.