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News you need to know OECD’s message to our inflation warriors: calm down, she’ll be right We’re sorry, this feature is currently unavailable. We’re working to restore it. Please try again later. Dismiss Skip to sections navigationSkip to contentSkip to footer * Our network * Log in Open NavigationMenu THE SYDNEY MORNING HERALD THE SYDNEY MORNING HERALD close Search Site * Sections * Network * Home * Sydney * NSW * PoliticsShow subsections * Federal * NSW * Victoria * Queensland * Western Australia * BusinessHide subsections * Companies * Markets * Bulls N' Bears * The economy * Banking & finance * Small business * Media * Workplace * WorldShow subsections * North America * Europe * Asia * Middle East * Oceania * South America * Africa * NationalShow subsections * Victoria * Queensland * Western Australia * Opinion * PropertyShow subsections * News * Domain Magazine * Title Deeds * Living * Auctions * Financing * SportShow subsections * NRL * Rugby union * Cricket * Soccer * AFL * Racing * Tennis * Netball * Basketball * Motorsport * Cycling * Golf * NFL * Athletics * Swimming * Boxing * Good FoodShow subsections * Eating out * Recipes * Tips & advice * Drinks * CultureShow subsections * Movies * TV & radio * Music * Celebrity * Books * Comedy * Dance * Musicals * Opera * Theatre * Art & design * Live reviews * TV guide * LifestyleShow subsections * Health & wellness * Fashion * Life & relationships * Beauty * Style * Horoscopes * TravellerShow subsections * Destination guides * Inspiration * Reviews & advice * Travel news * Good Weekend * Spectrum * Sunday Life * MoneyShow subsections * Super & retirement * Investing * Banking * Borrowing * Saving * Tax * Planning & budgeting * Insurance * Education * Healthcare * EnvironmentShow subsections * Conservation * Climate change * Sustainability * Weather * TechnologyShow subsections * Video games * Home tech * Phones * Gadgets * Drive * PREMIUM Subscribe * Today’s Paper * Good Food Guide * Daily Puzzles * MORE * Letters * Editorial * Campus * Column 8 * Obituaries * Explainers * Quizzes * Podcasts * The Sydney Morning Herald * The Age * Brisbane Times * WAtoday * The Australian Financial Review * Domain * Commercial Real Estate * Drive Advertisement * Business * The economy * Wage growth This was published 5 months ago OPINION OECD’S MESSAGE TO OUR INFLATION WARRIORS: CALM DOWN, SHE’LL BE RIGHT ROSS GITTINS Economics Editor July 15, 2024 — 5.00am July 15, 2024 — 5.00am Save Log in, register or subscribe to save articles for later. SAVE ARTICLES FOR LATER Add articles to your saved list and come back to them any time. Got it Share Normal text sizeLarger text sizeVery large text size 116 View all comments Advertisement Last week a bunch of international public servants in Paris launched a rocket that landed in Sydney’s Martin Place, near the Reserve Bank’s head office and the centre of our financial markets. It carried a message we should already know. Australia has a big problem with real wages: they’re too low. In which case, why are you guys so anxious about continuing high inflation? The Organisation for Economic Co-operation and Development’s annual Employment Outlook says Australia’s real wages in May this year are still 4.8 per cent lower than they were in December 2019, just before the pandemic. ... Want to unlock unlimited news? Read more award-winning journalism from as little as 50c a day. Get started Already a subscriber? Login to see the full article. Save Log in, register or subscribe to save articles for later. Share License this article * Wage growth * For subscribers * Opinion * OECD Ross Gittins is the Economics Editor of The Sydney Morning Herald.Connect via Twitter, Facebook or email. 116 View all comments MOST VIEWED IN BUSINESS BANKS ARE TRACKING YOUR EVERY CLICK. IT COULD SAVE YOU THOUSANDS US TECH STOCK RALLY BRINGS CHRISTMAS EVE CHEER TO ASX THE NEW CLIMATE GOLD RUSH? SUCKING CARBON FROM THE SKY CHRISTMAS DAY WITH NFL, BEYONCÉ IS JUST THE BEGINNING FOR NETFLIX AND SPORT TWO MAJOR CAR MAKERS JOINING FORCES TO SURVIVE ‘TIME IS RUNNING OUT’: VICTORIA, NSW TURN TO GAS IMPORTS AS ENERGY CRISIS NEARS THE SYDNEY MORNING HERALD * Twitter * Facebook * Instagram * RSS OUR SITES * The Sydney Morning Herald * The Age * Brisbane Times * WAtoday * The Australian Financial Review * Domain * Drive CLASSIFIEDS * Tributes * Celebrations * Place your ad * Commercial Real Estate THE SYDNEY MORNING HERALD * Contact & support * Advertise with us * Newsletters * Accessibility guide * Sitemap * Photo sales * Purchase front pages * Content licensing * Work with us * Terms of use * Privacy policy * Press Council * Charter of Editorial Independence PRODUCTS & SERVICES * Subscription packages * My account * Subscriber FAQs * Delivery status * Today’s Paper * Good Food Guide * Daily Puzzles Copyright © 2024 Subscribe