BREAKING: Salaries in manufacturing, construction and real estate grew more than 3 per cent last financial year, but overall wages growth of just 2.6 per cent was softer than expected.
The average private sector pay rise was 3.8 per cent in the June quarter, the fastest pace in a decade, though annual wages grew just 2.6 per cent, softer than expected, pushing real wages further backwards.Overall wage growth was the highest since 2014, according to the Bureau of Statistics, and employer data from the Reserve Bank suggested the majority of employers areThe latest figures covering the year to June 30 do not include the recent 5.2 per cent increase to the minimum wage or 4.
“Expanding demand for skilled jobs over the last 12 months has continued to build wage pressure across a broader range of industries and jobs, reflected in the increasing size of pay rises,” the ABS’s Michelle Marquardt said.The average size of private sector hourly wage rises increased to 3.8 per cent between April and June, up from 2.7 per cent this time last year, largely due to some union agreements tied to inflation.
For others, such as the thousands of truck drivers at Toll and Linfox, where the CPI guarantee was capped, pay rises hit 4 per cent. However, workers at StarTrack and Global Express saw their 3 per cent pay rise double. “Which suggests that labour cost pressures are mounting. But as is usually the case, only very small share of workers received a change in their pay in the June quarter,” said BIS Oxford Economics’ Sean Langcake.
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