Australian workers suffer another large real pay cut, as the latest data show wages growth fell further behind the surging cost of living in the year to June.
Australian workers have suffered another large real pay cut, with the latest official data showing wages growth fell further behind the surging cost of living in the year to June.
The latest Australian Bureau of Statistics Wage Price Index shows baseline pay packets rose 2.6 per cent over the year to June after a 0.7 per cent rise in the quarter. That compares to a 6.1 per cent annual jump in the cost of living according to the bureau's consumer price index from the same period.
In effect, that means workers took a 3.5 per cent real wage cut over the past year, as their pay packets were able to buy less goods and services than before.
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