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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AUTHOR
Tim Toohey

Tim joined Ellerston capital in March 2017 as Chief Economist within the Global Macro Team, bringing 24 years industry experience as an economist.

Tim joined from Goldman Sachs where he was Chief Economist and Head of Macro Strategy Australia and New Zealand. In 2002, Tim joined JBWere (who later merged with Goldman Sachs in 2003) as a Senior Economist in the research department and was named Managing Director in 2009.  Prior to this, Tim was Macroeconomist with the ANZ Banking Group for two years.

Tim began his career as a Senior Economist with the National Institute of Economic and Industry Research.
Tim has been voted in the Greenwich survey the number one Economist in Australia from 2003-2016.
Tim has a Bachelor of Commerce degree from the University of Melbourne (Honours in Economics) and a Masters of Economics also from The University of Melbourne.