Newsletter
November 2018 Newsletter
Wage growth hits a 3-year high
Australian wage growth hit its highest in 3 years throughout the September quarter – this was due to the modest gains by the Private and Public sector workers. According to the Australian Bureau of Statistics (ABS), wages grew by approximately 0.62% within the quarter which is the fastest increase since 2014.
This figure increased the yearly growth to 2.29% which is also the largest jump in the past 3 years! Synonymously with the growth in wages, we also saw a decrease in Australia’s unemployment rate which fell to 5% at the end of the September quarter, being the lowest in over six years.
One of the biggest concerns with this type of growth was whether the momentum can carry on into the coming years, which can boost our economy.
Each state saw their own level of increase in wages, some being better than others and it was difficult to gauge how well the states will do in the next quarter.
Source – Read the full article at Business Insider: https://www.businessinsider.com.au/australia-wage-price-index-q3-rba-cash-rate-inflation-gdp-outlook-2018-11