Australia’s central banker once did the unthinkable: he urged workers to demand higher wages. Yet behind the headlines lies a deeper contradiction — productivity is rising, profits are booming, and unemployment is relatively low… but paychecks remain stuck.

In this episode, we unpack the structural break that began around 2013 and hasn’t recovered since. From automation and “superstar firms” to fissured workplaces, weakened unions, and executive pay explosions, we trace where the missing wages really went. Using decades of economic data, we explore why the link between hard work and fair reward has fractured — and what that means for your next pay negotiation.

This isn’t just an economic puzzle. It’s the story of how the rules of the system changed — and why understanding those rules matters.