Real wages have not exceeded productivity gains

In Real wages and productivity Matt Cowgill explains why real wages have not grown faster than labour productivity.

In fact, the notes to Dr Parkinson’s chart say that the real producer wage, ie. the cost to employers of purchasing an hour’s labour, has risen in line with labour productivity.

It's all due to the rise in the terms of trade. Conversely, as the terms of trade fall we might well see a decline in real wages.