Awards, minimum wage increases come through in Sep. quarter

16 November 2022

 

Summary: September quarter wages up 1.0%, slightly above expectations; annual growth rate speeds up from 2.6% to 3.1%; reflects larger increase to minimum and award wages; private sector wages up 3.4% over year, public sector up 2.4%; underutilisation rate implies higher wage growth. After unemployment increased and wage growth slowed during the GFC, a resources investment boom prompted a temporary recovery back to nearly 4% per annum. However, from mid-2013...

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