MNI BRIEF: Aussie Wages Grow In Q3

The Wage Price Index (WPI) rose 1.3% in the September quarter, and 4.0% y/y, the highest quarterly growth in the 26-year history of the index, according to seasonally adjusted data released today by the Australian Bureau of Statistics.

“A combination of factors led to widespread increases in average hourly wages this quarter,” said Michelle Marquardt, head of prices statistics at the ABS. “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. 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.”