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If the RBA forecasts continue, real wages won’t recover to 2021 levels until 2044 (thepoint.com.au)
submitted 2 days ago by to c/australia@aussie.zone
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Last week, when the Reserve Bank announced it had raised the cash rate to 4.85%, it also released its latest forecasts for the economy in its Statement on Monetary Policy. For those hoping for a recovery in lost living standards, the news was very grim.

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[–] 17 points 1 day ago (1 child)

Luckily, I keep getting told that AI will replace my job by 2030, so that won't be a problem.

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  • [–] 4 points 1 day ago

    Kinda salt in the wound of the fact that a non-zero amount if the inflation that's led us here is based on major constructions either underway or planned for AI data centers. They disrupt the economy while trying to steal the jobs that underpin that economy.

    Of course if the AI industry keeps hemorrhaging out the arse then maybe we as a society will just leave them bleeding out and move on with our lives.

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    • [–] 6 points 1 day ago (2 children)

    extrapolating that far from a graph is pretty unsound.

    Realistically the RBA has no idea when but probably never is realistic given that we are entering the exciting part of climate change.

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    • [–] 5 points 1 day ago (3 children)

    it is kindof hilarious that anyone at this point think living standards are ever going to get better for any except the 1%, and even they won't see this continue for long as we come to the carbon pulse down slope and run out of key minerals, water, and climate change really starts to bite hard.

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  • [–] 3 points 1 day ago (1 child)

    and yet people still vote One Nation, doesn't matter what example the US set, we follow a few years behind, making it worse.

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  • [–] 1 point 22 hours ago

    Because they are all in on the progress narrative and angry that they're aren't getting their share, and voting for whoever tells the most comforting lies. It's only after the leopard feasts that they realise they were duped, but they believe the next charlatan most of the time. In the US "both" sides of the political spectrum are corrupt, same for us here with #LibLab, but we do at least have preferential voting which allows protest votes to actually work a bit of they're for minor parties. It's down to if the person voting is scared enough about the prospect of sharing a smaller pie. The "woke" folks realise the game, & that the colonists / capitalists are coming for everyone.

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    • [–] 5 points 1 day ago

    Im sure living expenses wont go up till the 2040s to compensate

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    [–] 2 points 21 hours ago

    I'm making literally twice as many dollars as I was in 2021, and I'm the poorest I've ever been in my life. I won't make it to 2044 (not that I have any hope things are ever going to recover on any timeline).

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