RBA governor Phillip Lowe wants workers to be paid less to save the economy: ‘It’s tough. The alternative is more difficult’
- RBA boss Philip Lowe will warn against pay increases
- Dr Lowe says wage rises will force the RBA to hike rates
Reserve Bank boss Phillip Lowe has called on Australians to ‘ride out’ the period of rising inflation by not issuing pay increases despite cost of living concerns.
Dr Lowe, who earns more than $1million a year, explained in a speech on November 22 that wages needed to remain steady if Australians wanted to avoid another rate hike.
The RBA Governor wants any wage gains to be kept below 4 per cent, which means workers will effectively be taking pay cuts as the price of food, fuel and…