Private sector annual wage growth is remaining above four percent, despite a tightening of economic activity and moderating inflation.
Australian Bureau of Statistics wage growth figures for the March quarter, released today, showed a 4.1 percent rise in annualised private sector wages.
This followed a 4.2 percent rise in annualised wages in the December quarter last year.
While the figures remained relatively high against inflation, the March quarter was the first quarter-on-quarter fall since September 2020.
It compared with 3.8 percent annual growth recorded in the same quarter in 2023.
ABS head of prices statistics Michelle Marquardt said the March figures marked the first time since 2009 that annual wages growth had been above four percent for three consecutive quarters.
“Public sector annual wage growth was 3.8 percent, lower than the 4.3 percent in December 2023, but higher than the same period last year (3.0 percent),” Ms Marquardt said.
“Wages rose 0.8 percent this quarter, the equal smallest quarterly rise for hourly wage rates since the December quarter 2022.”
Private sector wages grew at a faster pace than those in the public sector, with the private sector recording 0.8 percent growth compared to 0.5 percent for the public sector.
“The private sector increase was the smallest for the sector since March quarter 2022 (0.7 percent).”
Ms Marquardt said some of the figures were influenced by the timing of increases built into employment agreements.
More information is available on the ABS website.
