Wage growth mired near record lows despite minimum pay rise, Aussie dollar tumbles
Australian workers’ wages remain resolutely stuck in the slow lane, despite end of year wage reviews and July’s national minimum pay decision kicking in.
Wage price index stuck at 2pc despite a series of factors including annual bonuses and the minimum wage rise
The surprisingly weak result will disappoint the RBA and saw the dollar tumble below 76c US
WA’s +1.3pc over the year the weakest wage growth; Victoria, Queensland and Tasmania +2.2pc the strongest
Wages rose by 0.5 per cent in the September quarter, or 2 per cent over the year in seasonally adjusted terms.
The market had expected a much more robust, although historically weak, 0.7 per cent growth over the quarter and 2.2 per cent over the year, driven by the minimum pay rise.
The surprisingly poor result saw the Australian dollar plunge below 76 cents against the US dollar.
Quarterly wages growth has now been stuck in the very narrow, and low, band of 0.4 per cent to 0.6 per cent for the last 13 quarters.
Australian Bureau of Statistics chief economist Bruce Hockman described the September quarter increase as marginal.
“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,” Mr Hockman said.

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