Australia's seasonally adjusted wage price index increased by 3.7% yoy in Q1 of 2023, following an upwardly revised 3.4% growth in Q4 of 2022, and compared with market forecasts of a 3.6% gain. This was the highest reading since the third quarter of 2012, reflecting low unemployment, a tight labour market and high inflation. Wages in the private sector accelerated to 3.8%, the highest since Q2 of 2012; while those in the public one quickened to 3.0%, the highest since Q1 of 2013. In original terms, the wholesale trade and other services industries recorded the sharpest annual growth in over a decade at 4.4%, followed by professional, scientific & technical services (3.9%), administration and support services (3.8%), health care and social assistance (3.2%), education and training (3.1%), and public administration and safety (2.9%). On a quarterly basis, the wage price index rose by 0.8% for the second consecutive quarter in Q1, below the consensus of a 0.9% rise. source: Australian Bureau of Statistics
Wage Growth in Australia averaged 3.07 percent from 1998 until 2023, reaching an all time high of 4.30 percent in the fourth quarter of 2008 and a record low of 1.30 percent in the fourth 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 June of 2023.
Wage Growth in Australia is expected to be 3.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia Annual Change in Hourly Rates of Pay is projected to trend around 3.20 percent in 2024 and 2.50 percent in 2025, according to our econometric models.