Wages in Australia experienced the biggest increase in 26 years, with quarterly wage growth being the strongest on record. However, real wages still fell sharply due to high inflation.
Wages grew 1.3 per cent over the September quarter, which is the biggest increase in the 26-year history of the Australia n Bureau of Statistics (ABS) Wage Price Index (WPI). Quarterly wage growth was the strongest on record, annual pay rise was the biggest since March 2009. With inflation at 5.4 per cent, real wages still fell sharply. Wages were pushed higher by a 5.75 per cent boost for workers on awards and a 15 per cent pay jump for many aged care workers from July 1.
"In the private sector, higher growth was mainly driven by the Fair Work Commission's annual wage review decision, the application of the Aged Care Work Value case, labour market pressure, and CPI rises being factored into wage and salary review decisions," noted the ABS head of price statistics Michelle Marquardt. "The public sector was affected by the removal of state wage caps and new enterprise agreements coming into effect following the finalisation of various bargaining rounds.
Wages Australia Increase Inflation Record Growth
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