Philip Lowe RBA 2018 economic data housing prices unemployment income
RBA governor Philip Lowe (Image: AAP/Dean Lewins)

Last month the Reserve Bank of Australia dedicated its major annual conference to low wages growth. We all know it by now: the big problem in the Australian economy is a tremendous shortfall in wages growth. So, the RBA flew in experts from around the world to dissect the issue forensically. 

Many hypotheses were put forward; too many, in fact. And the long summary of proceedings was this: we don’t have a clue what’s causing low wages growth.