Terry McCrann ridicules Labor's 'absurd' celebration of wage growth

Business columnist Terry McCrann has labelled the government’s economic celebrations as “absurd” after wages outpaced inflation by 0.3 per cent in the December quarter. “You’d have to think the champagne corks are popping all round Australia – particularly in the working-class suburbs,” Mr McCrann told Sky News host Sharri Markson. “In a sense, it would be very silly for the government to claim credit for this because those wages rising more than four per cent is precisely the biggest threat for homeowners to see their interest rates stay at the very high levels. “The Reserve Bank Governor has made it absolutely crystal clear that four per cent wage increases and higher is incompatible with getting inflation down. “We have got a government which is so focused on destroying productivity in IR, in energy and all the other parts of the economy.”