Inflation rising – pay must not fall behind

The June quarter increase in CPI is the biggest jump in nearly twenty years, and unions are warning that pay must not be allowed to fall behind. Food and petrol costs (up by nearly 25% in the last year) have driven the 1.6 percent increase this quarter.

Finsec President Kelvin Pycroft said that rising inflation meant that achieving a fair pay increase at ANZ National and Westpac was even more crucial. “We’re very clear that pay offers below five percent are not a pay increase in real terms,” he said. “The banks have continued to grow their profits despite the difficult economic circumstances. They can and should ensure that their staff pay does not fall behind inflation.”

Pycroft said that Westpac’s own economist has just predicted that inflation for the 2008 calendar year will reach 5.1%. “Finsec members are sending the banks a very clear message that less than 5% will not achieve fair pay.”


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