Australians’ wages are tipped to grow over the next two years, but are not predicted to catch up with rising prices until 2024
The Reserve Bank of Australia predicts that real wages will fall this year as cost of living pressures increase.The Reserve Bank of Australia predicts that real wages will fall this year as cost of living pressures increase.Australians’ wages are set to shrink as much as 3% in 2022 as salary increases lag behind inflation and may only start to catch up by 2024, the Reserve Bank said.
The bank noted labour markets in many economies were tightening, with Australia’s jobless rate in March at 4%, the lowest in 48 years. By early 2023, the rate is predicted to reach 3.5%. Excluding the introduction of the GST in 2000, Australia’s 5.1% annual CPI for the March quarter was the highest since the mid-1990s. That spike, reported 27 April, prompted the RBA to lift its cash rate this week for the first time since 2010.
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