00:00Because certainly people don't feel like they're better off right now.
00:02Okay, but can I answer your question about these different measures?
00:06The wage price index currently, in real terms, is not much higher than it was in 2010.
00:13That's not good on that measure.
00:15That's right.
00:16I would agree with you there.
00:17Okay, good.
00:18And then the real measure of average earnings from the national accounts,
00:23which is not disposable income because it doesn't take out taxes and so on,
00:27has increased over that period.
00:30The increase, though, is relatively modest,
00:33which is a reflection of what we're talking about on productivity.
00:36Yeah, look, and thank you for that.
00:38Because it would be, I think people are only going to get angrier in this country
00:41if they're gaslit into thinking that the economy is okay
00:44when their lived experience is absolutely terrible right now.
00:47Senator, I take exception to that comment.
00:51I am not gaslighting anyone.
00:55Let us speak.
00:55I have said that there are certain aspects of the economy which are doing well,
01:01and one of them is the labour market, which is positive for people.
01:04Now, I understand that some people are doing it tough.
01:07I do understand.
01:08I get letters and I read them.
01:10But that is not to say that you can't recognise that there are some parts of the economy that are
01:15doing well.
01:16And the labour market, I think, has been a really positive thing for this country.
01:21Well, my response, Governor, was to the comment that the economy is okay.
01:26You didn't say that some people are doing well.
01:29You said the economy is okay.
01:31And I cannot see on these numbers if the economy, what is the economy about?
01:35The economy is about, in my view, the reason we care about it,
01:37is for people's basic ability to provide for themselves.
01:47And I cannot see on these numbers.
Comments