Prior to 2012, median wages growth was firmly anchored at 4 per cent. In recent years, median wages growth has fallen to 2½ per cent, and has remained at that level. https://www.rba.gov.au/speeches/2019/sp-dg-2019-11-26.html  15/21  11/26/2019  Employment and Wages | Speeches | RBA  Graph 13  Different measures of wages growth capture slightly different concepts of labour costs.
In today's circumstances, the fact that the U.S. economy is growing at a pace only modestly above potential while core inflation remains restrained suggests that the nominal neutral rate may not be far above the nominal federal funds rate, even now.