The Australian Bureau of Statistics (ABS) has just released its Wage Price Index for the September quarter of 2014, which revealed a continuation of soft wages growth across the economy, with annual wages growth also tracking at the lowest rate in the series’ 16-year history (see below charts).
According to the ABS, wages grew by 0.6% (both s.a. and trend) in the September quarter, in line with analyst’s expectations. Private sector wages grew by 0.6% (both s.a. and trend) over the quarter, whereas public sector wages grew by just 0.5% (both s.a. and trend). Over the year, total wages grew by 2.6% (s.a.) and 2.5% (trend), with the private sector experiencing 2.5% growth (both s.a. and trend) and the public sector 2.7% growth (both s.a. and trend).
