2016 new and dating sites
Today, many workers in the services sectors are now also feeling this same pressure, as they too are exposed to the increased competitive pressure from globalisation and technology.And faced with more potential competitors, workers, like firms, are less inclined to put their prices up.With headline inflation rates so low, many workers have agreed to smaller wage increases than would have otherwise been the case, especially where expectations of future inflation are also low.The low wage increases have in turn reinforced the low inflation outcomes.
Indeed, I am the first Governor of the RBA to have taken office where the concern of the day is more that inflation might turn out to be a bit too low rather than a bit too high.
This occurred just at the time that other structural changes in the economy were making jobs less secure.
This increased value put on job security has made many workers less inclined to push for large wage rises.
This collective economic slack has reduced upward pressure on both prices and wages.
The second factor is a self-reinforcing dynamic originating from the decline in headline inflation caused by the fall in commodity prices, including oil prices.
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The two measures shown are headline CPI inflation and the trimmed mean measure.