Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

June boost maintains wage growth stability

ABS

Wage growth has remained stagnant at 2.3 per cent growth per year, despite a late boost coming through in June, new data has shown.

Official figures from the Australian Bureau of Statistics (ABS) has indicated that wages grew by 0.6 per cent in the June quarter, outgrowing the expectations of leading economists.

Seasonally adjusted private sector wages grew by 0.5 per cent, while public sector wage growth was 0.9 per cent in the quarter.

According to the ABS’ chief economist Bruce Hockman, wage growth was well supported by the public sector over the months surveyed.

Advertisement
Advertisement

“The most significant contribution to wage growth this quarter came from the public sector component of the healthcare and social assistance industry, where a number of large increases were recorded in Victoria under a plan to ensure wage parity with other states," Mr Hockman outlined.

Across all sectors and over the entire year, the rise was 2.4 per cent. 

Over the 12-month period, the private sector saw 2.3 per cent wage growth while the public sector experienced 2.7 per cent wage improvements, the ABS said.

By industry, annual wage growth to the June quarter ranged from 1.7 per cent for wholesale trade to 3.3 per cent for healthcare and social assistance.

The bureau also called out Western Australia as recording the least improvement to wage growth at 1.6 per cent, while Victoria recorded the most growth nationwide, of 2.9 per cent.

Overall, “wage growth continues at a steady rate in the Australian economy on the back of strong public sector growth over the quarter,” Mr Hockman concluded.

June boost maintains wage growth stability
ABS
nestegg logo

Cameron Micallef

Cameron Micallef is a journalist at Nest Egg, writing primarily about personal wealth and economic markets. 

Prior to this, Cameron worked for Australian Associated Press. He graduated from the University of Wollongong with a double degree in communications and commerce.

You can contact him on: This email address is being protected from spambots. You need JavaScript enabled to view it.

subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
confused - are these pre or post tax being deducted? It talks about take-home pay so just want to clarify....
Anonymous - The problem is massive over-metroplitanisation. Income tax and GST bias businesses to locate where they can get customers and workers for less effort.......
Skeptic - Having money squirrelled away in superannuation is comforting in some ways, but I am concerned that Australians have nearly three trillion dollars in.......
Dr Livingston - Not so long ago, 5% unemployment was the sought after quantification by the RBA that the economy was doing well. This chase to zero sends unnecessary.......