Australia's seasonally adjusted wage price index rose by 1.4 percent year-on-year in the third quarter of 2020, slowing from a 1.8 percent gain in the previous period and compared with market forecasts of 1.5 percent. This was the weakest growth on record, reflecting the impact of COVID-19 social and continued adjustment to the economic uncertainty. Both private sector wages (1.2 percent vs 1.7 percent in Q2) and public sector wages (1.8 percent vs 2.1 percent) grew at the softest pace since series began. Across industries, annual wage growth ranged from 0.5 percent for the accommodation and food services, and administrative and support services to 2.4 percent for financial and insurance services, and education and training. On a quarterly basis, the wage price index advanced 0.1 percent, the least on record, after a 0.2 percent rise in the June quarter. source: Australian Bureau of Statistics
Wage Growth in Australia averaged 3.16 percent from 1998 until 2020, reaching an all time high of 4.30 percent in the second quarter of 2008 and a record low of 1.40 percent in the third quarter of 2020. This page provides - Australia Wage Growth- actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia Annual Change in Hourly Rates of Pay - data, historical chart, forecasts and calendar of releases - was last updated on November of 2020.
Wage Growth in Australia is expected to be 2.00 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 2.30 in 12 months time. In the long-term, the Australia Annual Change in Hourly Rates of Pay is projected to trend around 2.30 percent in 2021, according to our econometric models.