Australian mining wages test cases - pay cut of 43% proposed

A move to cut pay at Lanco's Griffin Coal mine

• Reuters reports some Pay will be cut by 43%
• The move to cut pay... comes five years after the peak of a commodity price boom
• Lanco's move to switch ... to statutory minimum pay ... is among the first of its kind and has quickly become a national test case.China's Yanzhou Coal Mining Co and U.S. giant Exxon Mobil Corp are among other companies pursuing controversial changes to wages and conditions.

Like the Reuters piece says, this is 'test case', and has wider implications. The thing to watch is that cuts to incomes like this will weigh on consumer spending. Which will be an input to monetary policy decisions. And, given wages are 'sticky' this has barely got started.