Dr Sam Wylie

It's hard to hire people to do anything at the moment.

There's so many, so the labor market's very tight at the moment and wages, unemployment's at a record low.

of 3.6%.

Wages are starting to rise, not as quickly as inflation's gone up, consumer price inflation's gone up.

And this is a legitimate concern and complaint of people that my wage hasn't gone up as much as prices have gone up.

So wages have gone up about 3%.

Over the last year, prices have gone up 5.1%.

So you can see that in real terms,

Workers have gone backwards, and the frustration with that is sort of evident everywhere, including the recent federal election.

The reverse of that will happen when the recession comes along.

Instead of the labor market being very tight and wages rising and unemployment being low, the opposite will happen.

then it'll be hard to find jobs and wage growth will go down.

So there's that negative impact of a recession.

One helpful thing for people will be if you have a mortgage, then the RBA to speed up the economy in the way that we've been talking about before, instead of raising interest rates, they'll lower interest rates.

And so your mortgage would go down, your mortgage interest rate would go down if you have a variable rate mortgage.

If you had a fixed rate mortgage, then of course it'll be fixed.

But that'll be two primary effects.

Okay, it's a very deep question, Arwen.

And let me say that I think that young people have to take, everyone, right?

But of course, your listeners have just got more years in the workforce ahead of them than old baby boomers like me.