Part 8/10:
Economic Growth and Real Wages
Comparing GDP growth between the two parties over the past 50 years allows for an insightful analysis. The data reveals that Labor shows a stronger track record, with an average GDP growth of 0.74% against the Liberals’ 0.61%. Furthermore, real wage growth across the Labor tenure exhibited four out of five Prime Ministers maintaining positive wage growth. Under the Liberals, this was only achieved by John Howard, with subsequent term experiences demonstrating wage stagnation or negative growth, especially in more recent years.