Australia's seasonally adjusted wage price index rose by 1.8 percent year-on-year in the second quarter of 2020, slowing from an upwardly revised 2.2 percent gain in the previous period and compared with market forecasts of 1.9 percent. This was the weakest growth on record, capturing the first full period of COVID-19 social and business restrictions in the country. Both private sector wages (1.7 percent vs 2.1 percent in Q1) and public sector wages (2.1 percent vs 2.4 percent) grew the least since the series began. Across industries, annual wage growth ranged from 0.8 percent for the construction industry to 2.6 percent for the arts and recreation services industry. On a quarterly basis, the wage price index advanced 0.2 percent, the least on record, after a 0.5 percent rise in the March quarter.
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 1.80 percent in the second 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 September of 2020. source: Australian Bureau of Statistics
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 2.30 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.