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June boost maintains wage growth stability
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.
June boost maintains wage growth stability
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.
“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.
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