Save
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.
About the author
About the author
Tax saving
Why fast-tracking tax cuts won’t stimulate the economy
Treasurer Josh Frydenberg has flagged that previously legislated tax cuts could be moved forward in a bid to help stimulate the Australian economy. ...Read more
Tax saving
Last-minute items to check off before 30 June
With the end of the financial year almost here, an accounting firm has outlined key changes with tax returns this year and flagged some last-minute tax strategies to consider before 30 June. ...Read more
Tax saving
Australia’s richest owe the Tax Office $772m
Australia’s elites and private companies fell $772 million in taxes due to miscalculations and deliberate tax avoidance, the Australian Taxation Office has revealed. ...Read more
Tax saving
Do you have to pay taxes on a trust?
Trusts are usually set up for business, estate planning and investment purposes to separate the legal and beneficial ownership of assets held within the structure. ...Read more
Tax saving
Government rebuffs regional allowance and tax concession reform
A review’s findings into the viability of area tax concessions and payments for regional and remote Australians has had its recommendations shut down by the same government who requested the report...Read more
Tax saving
Penalties for tax fraud in Australia
Public taxes are used to fund government projects in relation to health, defence, infrastructure and many other national and local projects that require public funding. ...Read more
Tax saving
Disaster relief payments receive tax-exempt status
The Australian government has made disaster relief payments to bushfire-affected individuals and businesses tax-exempt while extending tax-free financial support to NSW Rural Fire Service volunteers. ...Read more
Tax saving
Are your franking credits working?
Here’s what you need to know about franking credits and how they work. ...Read more
Tax saving
Why fast-tracking tax cuts won’t stimulate the economy
Treasurer Josh Frydenberg has flagged that previously legislated tax cuts could be moved forward in a bid to help stimulate the Australian economy. ...Read more
Tax saving
Last-minute items to check off before 30 June
With the end of the financial year almost here, an accounting firm has outlined key changes with tax returns this year and flagged some last-minute tax strategies to consider before 30 June. ...Read more
Tax saving
Australia’s richest owe the Tax Office $772m
Australia’s elites and private companies fell $772 million in taxes due to miscalculations and deliberate tax avoidance, the Australian Taxation Office has revealed. ...Read more
Tax saving
Do you have to pay taxes on a trust?
Trusts are usually set up for business, estate planning and investment purposes to separate the legal and beneficial ownership of assets held within the structure. ...Read more
Tax saving
Government rebuffs regional allowance and tax concession reform
A review’s findings into the viability of area tax concessions and payments for regional and remote Australians has had its recommendations shut down by the same government who requested the report...Read more
Tax saving
Penalties for tax fraud in Australia
Public taxes are used to fund government projects in relation to health, defence, infrastructure and many other national and local projects that require public funding. ...Read more
Tax saving
Disaster relief payments receive tax-exempt status
The Australian government has made disaster relief payments to bushfire-affected individuals and businesses tax-exempt while extending tax-free financial support to NSW Rural Fire Service volunteers. ...Read more
Tax saving
Are your franking credits working?
Here’s what you need to know about franking credits and how they work. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
