Albanese wants to increase the minimum wage by 5.1% What the actual fuck!

 Read with interest that Albanese wants to increase the minimum wage by 5.1% if he becomes PM. So many things wrong with this.


1. Its not up to the Prime Minister. Minimum wage decisions are decided by Fair Work Commission which is supposed to be apolitical


2. If 5.1% got up, it would be the 6th highest increase since 1980, and the highest since 2006.


3. Inflation is already starting to climb. If you add a 5.1% increase to the minimum wage, you are basically guaranteeing increased inflation.


4. The largest increases in the minimum wage correlate to recessions a few years later. The increases in 1988 (9.1% across the year), 1989 (7.6% across the year) resulted in the Recession in 1991. The increase in 2004 (7.9%) and 2006 (5.6%) resulted in the GFC in 2008.


Lets hope this never gest up. Because if it does, Albo will be steering the ship with another "Recession we had to have" arrives.

Comments

Post a Comment

Popular posts from this blog

Percentage of women in Australia with Breast Implants :- Maximum of 4% of female population 18+

Was watching "I'm a Celebrity, get me out of me", and one of the women there (reality TV star from "The Bachelor", Laurina Fleure) mentioned that she believes 70% of women in Australia have Breast Implants. Big call. She might just be saying that as she has them, but even so 7 in 10! Anyway, being a stats man, and interested in breasts, I was wondering if this is true so started to investigate. There are no statistics for Breast Augmentation surgery in Australia, so the best we can go on is an international survey by the name of the "ISAPS International Survey on Aesthetic/Cosmetic stats for 2014" Using these stats, I was able to calculate the average number of Breast Augmentations done per plastic surgeon in the top 10 countries performing the surgery (which is approximately 74 per year) As Australia has 317 Plastic surgeons, that means there are approx. 23,400 Breast Augmentations done in 2014 in Australia. Now as Breast Augmentation is ...
Read more

Labor's Shared Home ownership scheme...creating another Commbank?

 I read with interest about Labor's new shared Home ownership scheme it is promoting. Basically it is saying that it will provide a portion of the Home loan for an equity stake in the home that will be redeemable on the sale of the property. It is similar to schemes in other states, like WA's Key Start program. Have a couple of questions based on that type of scheme however. 1. By providing a portion of the mortgage, effectively the Government is providing housing finance and loans and indeed, a second mortgage over the property, similar to what commercial banks do. Will that mortgage be subject to an interest rate? One of the key criticisms of the WA keystart scheme is that the interest rate is higher than commercial lenders to encourage people off the scheme when they are able to. 2. The other issue is choice of property. Keystart in WA does not allow any property to come under the scheme. The government will actual purchase property for use for the program and only those hou...
Read more

Top 20 ranked Soccer sides potentially going to be knocked out of the group stages of World Cup

 We have the following in trouble and who need to win convincing in their final games to have a chance to get through. Belgium - (2nd Ranked Team) - 39% chance of going through Argentina (3rd Ranked Team) - 44% chance of going through Denmark (10th Ranked Team) - 28% chance of getting through to the next round. Is playing Australia though Germany (11th Ranked Team) - 22% chance of getting through Mexico (13th Ranked Team) - 22% chance of getting through USA (16th Ranked Team) - 33% chance of getting through Senegal (18th Ranked Team) - 39% chance of getting through Wales (19th Ranked Team) - 15% chance of getting through
Read more