Australia's seasonally adjusted wage price index increased by 2.4% yoy in Q1 2022, compared with market forecasts of 2.5% and after a2.3% growth in Q4 of 2021. This was the highest reading since Q4 2018, amid improved business conditions in the wake of the COVID-19 pandemic. Public sector wages for the third straight quarter recorded an increasing rate of annual growth of 2.2% (vs 2.1% in Q4). Meanwhile, growth in the private sector stood at 2.4%, the same as in Q4. Across industries, annual wage growth in the original term ranged from 1.5% for the utility sector to 3.1% for rental, hiring and real estate services industry. Among states and territories, Tasmania recorded the highest annual wage growth rate (2.8%) while Northern Territory was the lowest (1.9%). On a quarterly basis, the wage price index grew 0.7% in Q4, still the most since Q1 2014 and compared with consensus of a 0.8% rise. source: Australian Bureau of Statistics
Wage Growth in Australia averaged 3.10 percent from 1998 until 2021, 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 June of 2022.
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. In the long-term, the Australia Annual Change in Hourly Rates of Pay is projected to trend around 2.00 percent in 2023 and 2.30 percent in 2024, according to our econometric models.