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Principale » Wages growth lower than expected nationally, despite reviews and minimum pay call

Wages growth lower than expected nationally, despite reviews and minimum pay call

15 Novembre 2017

While most were focused on the results of the same-sex marriage plebiscite, the ABS also released the Wage Price Index results for the September quarter this morning.

Wages rose by 0.5 per cent in the September quarter, or 2 per cent over the year in seasonally adjusted terms.

After seasonal adjustments, private sector wages grew by just 1.86% over the year, outpaced by a 2.37% increase for public sector workers.

Callam Pickering, the Asia-Pacific economist for job site Indeed, said low wage growth remains the dominant, worrying trend for the Australian economy.

The annual growth rate has been sitting at 1.9 per cent over the past year, the lowest level in at least 20 years, and only just ahead of inflation at 1.8 per cent.

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"But wage earners are still adjusting to the "new black" of wage growth near two per cent rather than 3.5-4.0 per cent", he said.

The Australian dollar plunged after the figures were released, diving as low as 75.77 USA cents at 1306 AEDT, after trading at 76.29 United States cents just before the release.

"The higher wage growth in the September quarter was driven by enterprise agreement increases, end of financial year wage reviews and the Fair Work Commission's annual minimum wage review".

It will take into account the Reserve Bank's decision last week to again leave the cash rate at a record low 1.5 per cent and more signs of cooling across Australia's major housing markets, as well as renewed political instability from the citizenship debacle.

ANZ senior economist Felicity Emmett said the lack of impact from the bigger than usual minimum wage rise suggested underlying wages growth actually slowed in the quarter.