Wage growth slows in June quarter; min wage impact to come in Sep

15 August 2023

 

Summary: June quarter wages up 0.8%, below expectations; annual growth rate slows from 3.7% to 3.6%; ANZ: 0.8% now current ‘underlying’ pace of wage growth; Westpac: minimum wage decision impact to come in Sep quarter; private sector wages up 3.8% over year, public sector up 3.1%; June underutilisation rate may imply faster wage growth in short-term. After unemployment increased and wage growth slowed during the GFC, a resources investment boom...

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