Annual wages rise in March | Australian Broker News
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Annual wages rise in March
Steady progress amid challenges
Australia’s annual wage progress reached 4.1% in the March quarter, demonstrating a persistent rise amid fluctuating financial situations, in accordance with the newest Wage Price Index (WPI) from ABS.
The WPI rose by 0.8% in the primary quarter of 2024, culminating in a 4.1% improve over the previous 12 months, in seasonally adjusted phrases.
Michelle Marquardt (pictured above), ABS head of costs statistics, highlighted the importance of the present wage traits.
“The WPI annual all sectors wage progress has remained at or above 4% since September quarter 2023,” Marquardt mentioned in a media launch. “The final time wages progress was at this degree for 3 consecutive quarters was March quarter 2009.”
She additionally famous the particular impacts on public sector wages, which included scheduled rises from new agreements made final 12 months, contributing to the present figures.
Wage progress in the non-public, public sectors
Public-sector annual wage progress reached 3.8%, down from 4.3% in December 2023 however up from 3% final 12 months. This quarter, wages rose by 0.8%, the smallest quarterly improve since December 2022.
Private sector wages grew quicker at 0.8%, in comparison with 0.5% in the general public sector, marking the smallest rise since March 2022’s 0.7%.
“The public sector wage improve was the smallest since March quarter 2022 when it was additionally 0.5%,” Marquardt mentioned. “Last 12 months’s March quarter consequence for the general public sector mirrored the implementation of recent enterprise agreements and adjustments to wage caps.
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