Wages in Australia grew at their fastest pace on record in the three months to September, driven by large one-off pay rises for aged care employees and low-paid workers. However, economists predict that this growth is likely to moderate as the job market softens due to rapid interest rate tightening. Annual wages growth reached 4.0% in the September quarter, with pay packets growing at a record quarterly pace of 1.3%. The figures are in line with market expectations and are not expected to concern the Reserve Bank of Australia.
Wages increased at their fastest pace on record in the three months to September as aged care employees and low-paid workers received large one-off pay rises . But economists say the data likely represents a high-point for wages growth, which is expected to moderate as the job market softens in response to the most rapid interest rate tightening cycle in decades. Annual wages growth hit 4.
0 per cent in the September quarter, the Australian Bureau of Statistics said on Wednesday, after pay packets grew at a record quarterly pace of 1.3 per cent. The figures were in line with market expectations and unlikely to worry the Reserve Bank of Australia, which has become less concerned in recent months about the prospect of a wages-fuelled inflationary spiral. Economists had expected the record-breaking pace of quarterly wages growth as a result of the Fair Work Commission’s (FWC) decision to award a 5.75 per cent increase in award wages on July 1 and a one-off 15 per cent increase in pay for 250,000 aged care worker
Wages Australia Record Pace Pay Rises Aged Care Employees Low-Paid Workers Job Market Interest Rate Tightening Annual Wages Growth Reserve Bank Of Australia
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