Wages must be reduced

  I recently attended a forum and got talking to the chief economist of one of the big four banks. My question to him was very simple. “Can wages and rents be sustained in Australia”? We were of course talking in the retail context. As I learnt from one of my mentors a year or two ago, and now confirmed by this learned man, the answer was no. He didn’t go so far as to say that wages would come down, but he did say that technology would drive wages down. For example, cashier-less check

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