Australians working in healthcare and retail trade led the way in wage growth for the September quarter, with figures revealing the lowest annual rise in almost two years.
Australians working in healthcare and retail trade led the way in wage growth for the September quarter, with figures revealing the lowest annual rise in almost two years.
Wages rose 0.8 per cent for the third consecutive quarter to see annual growth at 3.5 per cent for the year – the lowest annual rise since the December 2022 quarter.
It followed four consecutive quarters of annual wage growth of 4 per cent or more.
Retail trade and administrative support services wages both rose 2.1 per cent, while healthcare and social assistance wages were up 1.7 per cent.
Queensland and the Northern Territory experienced the largest quarterly change at 1.6 and 1.5 per cent respectively, followed by Victoria (1.4 per cent), South Australia (1.3 per cent), and New South Wales and WA (both 1.2 per cent).
Australian Bureau of Statistics head of prices statistics Michelle Marquardt said wage rises for many jobs could be directly or indirectly attributed to the Fair Work Commission’s annual wage review decision.
Fair Work’s decision meant, from July 1, the national minimum wage and minimum award wage rose 3.75 per cent – which translates to $915.90 per week or $24.10 per hour.
“(The Fair Work decision) was lower than the September quarter 2023 increase of 5.75 per cent,” Ms Marquardt said.
“It was also lower than the Commission’s September quarter 2022 awarded increase of between 4.6 per cent and 5.2 per cent.”
“Annual growth in the private sector was 3.5 per cent in the September quarter 2024. This is the lowest private sector annual growth since the September quarter 2022.”
The Australian Dollar depreciated to a near three-month low following the release of the wage price index figures, trading at $0.6517USD.
Treasurer Jim Chalmers took to X (formerly Twitter) to spruik the Albanese Government’s role in the figures.
“New wages data shows real wages have now grown for four consecutive quarters,” Dr Chalmers said in a post.
“Under the Liberals, real wages were going backwards in the five quarters leading up to the last election.
“Under @AustralianLabor, people are earning more and keeping more of what they earn.”
Real wage growth has outpaced inflation in four consecutive quarters, and by 0.7 per cent in the September quarter.
However, when compared to the trimmed mean inflation (3.5 per cent for the September quarter) wage growth remains flat.
More to come…
