<p>New Zealand’s Labour Cost Index showed a 2.4% wage increase last year. But when you set that against an inflation increase of 4.9% over the same period, in real terms the average New Zealander took a 2.5% pay cut. In a tight labour market, we should in theory all be marching into our boss’s office and asking for a raise – so why isn’t this happening? To find out, Bernard Hickey talks to CTU chief economist Craig Renney and Kiwibank economist Mary Jo Vergara.</p><p>When the Facts Change is brought to you by The Spinoff Podcast Network together with Kiwibank.</p><br /><hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>