Real wages to fall by 3% this year as inflation surges, says RBA

Australians' wages are tipped to grow over the next two years, but are not predicted to catch up with rising prices until 2024

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Australians' wages are set to shrink as much as 3% in 2022 as salary increases lag behind inflation and may only start to catch up by 2024, the Reserve Bank said.

In its quarterly statement on monetary policy, released on Friday, the nation's central bank raised its expectations for price increases while trimming some GDP growth forecasts.