Annual wages rise in March

Annual wages rise in March | Australian Broker News


Annual wages rise in March

Steady development amid challenges

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

The WPI rose by 0.8% in the primary quarter of 2024, culminating in a 4.1% enhance over the previous yr, 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 yr, contributing to the present figures.

Wage development in the non-public, public sectors

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

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

“The public sector wage enhance was the smallest since March quarter 2022 when it was additionally 0.5%,” Marquardt stated. “Last yr’s March quarter outcome for the general public sector mirrored the implementation of latest enterprise agreements and modifications to wage caps.

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