The National Wage Case of December 1970 resulted in a 6 per cent increase in awards, and the metals industry award of July 1971 added 9 per cent to award wages through that year (when inflation was 5.1 per cent).
In 2021, the economy grew by 5.6 percent, exceeding the national government’s 5.0-5.5 percent target. On the demand side, growth in 2021 was driven by gross capital formation, as well as household and government consumption. On the supply side, services and industry sectors rebounded from the contractions in 2020 and contributed to economic expansion.