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Economics
12 Jul 2024
Productivity Commission report on economic mobility
The Productivity Commission report on economic mobility released this week shows that, on average, Australia’s long-term economic growth has led to each generation earning more income than the last. Most Australians earn more than their parents did at a similar age, and this is particularly true of those born in poorer families.
The report shows Australia has high equality of opportunity in terms of income, with a person’s rank in the income distribution less influenced by their parents’ rank than in many other countries.
While there is substantial mobility across the income deciles, there is some persistence at both the top and bottom, with children of parents in the bottom or top income deciles relatively more likely to remain in the bottom or top deciles themselves.
However, higher earnings in the current scenario may not afford the same standard of living and access to wealth as they have historically due to rising cost-of-living pressures and escalated property prices.
The full report is here.
OECD Employment Outlook
The OECD Employment Outlook projects the Australian jobs market to remain relatively tight, with unemployment expected to rise only modestly to 4.3 per cent by Q4 2025. This is despite the Australian economy slowing in 2024 before recovering in 2025.
The report highlighted that nominal wages in Australia in May 2024 were 22.7 per cent higher than in May 2019.
Despite this, real wages remain 4.8 per cent lower than before the pandemic, reflecting high inflation and cost-of-living pressures over this period.
The report also notes that as Australia transitions towards net zero, there will be increased demand for workers in green-driven occupations.
The full report is here.
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