Philip Lowe, the Governor of the Reserve Bank of Australia has called on workers to demand big pay rises from their bosses.  Philip Lowe said what we all have suspected for some time! 

Australia’s economy is doing well, with most companies making massive profits.  At the same time, the unemployment rate is fairly low.  He said that there is a crisis in real wages growth and that if workers do not get a pay rise soon, our economy will suffer!

Philip Lowe urged Australian workers to ask for a larger share of the nation’s economic pie by asking their bosses for a wage rise!  What the Governor of the Reserve Bank of Australia is saying is correct and unprecedented.

The latest figures from the Australian Bureau of Statistics (ABS) Wage Price Index show that Australian wages have fallen to a record low, growing at just 1.9% per year.  Furthermore, wages growth has been declining since mid-2012, from an annual 3.8% to 1.9%.  In fact, the last few years have seen the lowest rates of wages growth recorded since the start of the series.  The ABS Wage Price Index commenced in the September quarter of 1998. 

Don’t be afraid to ask your boss for a pay rise!  But before you approach your boss, prepare and think about what you are going to say to him or her.  That is, don’t just storm into their office and demand a pay rise!  It’s best to take a gentler or softly approach.

Here are some points to think about before approaching your boss for a pay rise:

• How long you have been working for the same company
• The last time you got a pay rise and how small it was
• Convince your boss that you are an outstanding worker and offer examples
• Compare your pay rate to other workers that do your job (a similar job) in another company
• And don’t forget to mention that Philip Lowe, the Governor of the Reserve Bank of Australia has called on workers to demand big pay rises from their bosses.

In Unity

Kamal Bekhazi

Research & Projects Officer                                     

Health Workers Union