Annual wages rise in March

Australia’s annual wage development reached 4.1% within the March quarter, demonstrating a persistent rise amid fluctuating financial situations, in response to the most recent Wage Worth Index (WPI) from ABS.

The WPI rose by 0.8% within the first quarter of 2024, culminating in a 4.1% improve over the previous 12 months, in seasonally adjusted phrases.

Michelle Marquardt (pictured above), ABS head of costs statistics, highlighted the importance of the present wage developments.

“The WPI annual all sectors wage development has remained at or above 4% since September quarter 2023,” Marquardt stated in a media launch. “The final time wages development was at this stage for 3 consecutive quarters was March quarter 2009.”

She additionally famous the particular impacts on public sector wages, which included scheduled rises from new agreements made final 12 months, contributing to the present figures.

Wage development within the personal, public sectors

Public-sector annual wage development reached 3.8%, down from 4.3% in December 2023 however up from 3% final 12 months. This quarter, wages rose by 0.8%, the smallest quarterly improve since December 2022.

Personal sector wages grew sooner at 0.8%, in comparison with 0.5% within the public sector, marking the smallest rise since March 2022’s 0.7%.

“The general public sector wage improve was the smallest since March quarter 2022 when it was additionally 0.5%,” Marquardt stated. “Final 12 months’s March quarter end result for the general public sector mirrored the implementation of latest enterprise agreements and adjustments to wage caps.

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