Australian workers need a $7000 pay packet boost to keep up with the soaring cost of living, new analysis shows. 7NEWS
Watch the latest news on Channel 7 or stream for free onInflation surged 1.9 per cent over the three months, the latest national figures released this week revealed.
Wages have been lifting solidly but falling well short of fast-rising inflation, amounting to record declines in real wages. In the September quarter, the wage price index lifted 3.1 per cent annually and one per cent quarterly.“Applications per job ad picked up in November through to December by 10.4 per cent according to SEEK, which indicates Australians are looking at making a career move in 2023,” she said./The higher-than-expected inflation figures also likely locked in a ninth interest rate rise, which will flow through to mortgage holders in higher repayments.
RateCity analysis showed another 25 basis point cash rate rise will add another $76 to monthly repayments on a $500,000 loan, amounting to $908 more compared to May last year before rates started lifting.
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