Reserve Bank warns of wage-price spiral as unions push for pay
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The Reserve Bank has warned of a wage-price spiral if unions exploit the low jobless rate to push for higher pay rises to compensate for an inflation rate tipped to peak at a higher than expected 6 per cent.
The analysis, released on Friday, comes after a historic week in which the central bank was caught off guard by signs of faster than expected wage rises, while business leaders warned of a turning point amid a dramatic divergence in pay-expectations.
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