As expected there was an epic amount of hand-wringing this week about the "slowest wages growth on record", with the wage price index up by +2.3 per cent over the year to June 2015.
And indeed, the RBA now forecasts that the unemployment rate has already peaked for this cycle, with unemployment now expected to be in decline by 2017.
Slower population inflows will also play their part too, as population growth adjusts to the slower pace of economic growth.
Wages growth +2.3 per cent
Overall, though, wages growth is presently soft at +2.3 per cent, with mining and construction wages in particular acting as a drag.
Real or imagined?
Certainly it felt that way this week when I was "relieved" of $17 for two takeaway coffees and a slic of carrot cake in New Farm Park.