Australia's seasonally adjusted wage price index rose 2.3 percent year-on-year in the third quarter of 2018, above the 2.1 percent for the previous quarter and matching market expectations. Wages in the public sector went up by 2.5 percent and those in the private sector grew by 2.1 percent. In original terms, wage rises ranged from 1.8 percent for mining and retail trade industries to 2.8 percent for the health-care industry. On a quarterly basis, wages went up 0.6 percent, the same growth rate compared to the previous quarter and also matching market consensus. Wage Growth in Australia averaged 3.25 percent from 1998 until 2018, reaching an all time high of 4.30 percent in the second quarter of 2008 and a record low of 1.90 percent in the third quarter of 2016.
Wage Growth in Australia is expected to be 2.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Wage Growth in Australia to stand at 2.27 in 12 months time. In the long-term, the Australia Annual Change in Hourly Rates of Pay is projected to trend around 3.30 percent in 2020, according to our econometric models.