Demographic factors held down wages in recent years, but those structural forces are fading. Wages are rising in the US, while Australian workers will likely experience a pick-up in average earnings during the next 12 months as the economy approaches full employment.

The return of wage growth across the industralised world has significant implications for bond and equity markets, and central bank policy – and spells the end of the 30-year rally in bonds.

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Tim Toohey