Low wage in Australia

Task: On February 20 this year, the International Monetary Fund (IMF) stated that “wage growth is weak and inflation is below its target range” for the Australian economy. What risks does a slow growth rate in wages pose to the Australian economy, and why are economists and governments so eager to see a general rise in wages for everyone?

The following theories in Macroeconomics to analyse this topic:

  • Unemployment
  • Inflation
  • The RBA

Use of graphs and diagrams in your essay is highly encouraged, as this will display to the marker your understanding and ability to analyse a highly topical issue in Macroeconomics. When incorporating graphs into your essay, please adopt the following three criteria: 

  1. original (not a screenshot from your text) incorporating labels;
  2. correctly applied; and
  3. adds to your analysis

Additionally, this essay should be submitted in essay format, using Harvard style referencing. It is also expected that you include at least 5 sources in your essay. Suggested sources include, journal articles (peer-reviewed) from the library’s online databases, and websites, as long as they are reputable (major media sources, government websites (ABS, RBA, IMF etc).

As an example, a suggested format for your essay is as follows;

  1. Introduction
  2. Discussion of low wage growth in Australia (using appropriate data)
  3. Risks of low wage growth
    • Theory 1-INFLATION
    • Theory 2-UNEMPLOYMENT
    • (Theory 3)- The RBA (RESERVE BANK AUSTRALIA)
  4. Conclusion
  5. Bibliography
  6. (Appendices)

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