Two out of five chief executives plan to keep pay rises flat or to rises of 2 per cent, below the already-sluggish rate of wage growth, according to a survey of 250 chief executives.
As the Morrison government and Reserve Bank of Australia grapple with how to bolster the subdued 2.3 per cent wage growth rate, the survey finds that 30 per cent of chief executives are also investing in automation to reduce labour costs.
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Matthew Cranston was The Australian Financial Review’s United States correspondent.
John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury. Connect with John on Twitter. Email John at jkehoe@afr.com
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