Interesting debate.
CPI is the accepted measure of inflation. Its an indicator of the average rise in the cost of living for Australian consumers.
AWE is a measure of the growth in weekly earnings. It is a measure of wage inflation but not inflation in the cost of living. However AWE will track CPI - rising above CPI in times of strong economic performance and falling below CPI in times of weak economic performance.
But both CPI and AWE growth are less than 3% at the moment.
Over the next five years it is highly like that AWE growth will fall below CPI in Australia. We are facing a period of wage deflation.