The battlers on the lower pay scales have recently got a pay rise, quite a small one too, most in their own EBA's gained about $20 a week, not much is it considering how everything seems to be going up.
What does sickens me is how out of touch these big shots at the Reserve Bank seem to be because within a week or two of getting this latest pay rise the Reserve lifts the cash rate by a quarter of a percent, effectively ripping your pay rise right out of your hand and gifting it to themselves for fat bonuses.
I know well the theory of monetary policy and I'm old enough to have seen the worst uncontrolled examples of monetary policy applied defensively and the damage it can do to the general wage earner.
I also know that in real terms monetary policy is the only tool they have in their arsenal to control inflation and keep the current account from blowing out in huge proportions.
However, it seems to me that they have erred in their calculations of how growth indicators are performing due to manipulation of statistics and data to show real growth where stability is really what's occurring, particularly in the building sector where growth does not appear to be happening if you count slabs on ground but growth has occurred if you count new loan applications due to people who own their property having to refinance to put personal money into their businesses, or renovate rather than buy new.
the reading of the data can be interpreted either way, it's guess work when you're up at lofty peaks in your tower looking down on the workers and saying Let them eat cake, isn't it.
