The economy has bounced back, but workers aren’t seeing the benefits | Greg Jericho

The boost to the latest GDP figures has come from commodity prices and is not trickling down into wage rises

The latest GDP figures are a prime example of the great divergence of major economic indicators and the reality that most people feel after strong economic growth in the December quarter last year failed to translate into growth for workers’ wages.

The treasurer, Scott Morrison would have breathed a small sigh of relief when the figures were released by the Australian Bureau of Statistics on Wednesday. While there was little expectation that the figures would be bad, had the economy gone backwards in the quarter we would have been in a “technical recession” (that most silly of phrases) given the September quarter saw the economy shrink 0.5%.

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