Economy

Jul 10, 2017

G20 heads in the sand on the big global issue: wage stagnation

The G20 ignored the single biggest economic and political issue across the developed world - persistent wage stagnation. But voters won't put up with it, write Glenn Dyer and Bernard Keane.

In terms of positive outcomes, the G20 is a pointless talkfest. It was important when the world faced the real threat of a depression as the global financial crisis unfolded and co-ordinated action was required, but since then it has gone the way of other major talkfests like the G7 and the APEC summit. The substantive action is on the sidelines, in bilateral meetings. Politicians and the media who accompany them, however, have to portray the get-together as a major achievement, so we were treated to a dutiful series of stories this morning about various wins for Malcolm Turnbull. 

Like other summits, however, what the G20 is good for is to illustrate negative outcomes -- what didn't get agreed, what didn't get mentioned, what words were omitted from the all-important communique (laboriously workshopped over weeks beforehand by bureaucrats). Much of the focus of the weekend G20 was of course on Donald Trump and the growing isolation of the United States under his, erm, stewardship.

Free Trial

You've hit members-only content.

Sign up for a FREE 21-day trial to keep reading and get the best of Crikey straight to your inbox

By starting a free trial, you agree to accept Crikey’s terms and conditions

14 comments

Join the conversation

The Crikey comment section is members-only content. Please login or sign up for a FREE trial to engage in the commentary.

Share this article with a friend

Just fill out the fields below and we'll send your friend a link to this article along with a message from you.

Your details

Your friend's details

Sending...