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

Now, stop us if you've heard this one before...

Remember when -- according to the government, the Reserve Bank (RBA) and economists -- the years-long stagnation that saw the wages of workers in some of our biggest industries fall below inflation was just a blip?

Growth would soon pick back up to 3.5-4% -- the sort of levels wages reached when Julia Gillard and Wayne Swan were in charge. It was as recently as the 2017 budget that Scott Morrison was claiming wages growth would be 3.5% this year, and even higher next.