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If ever there was a sign of the slowdown in Western Australian economy, it was today’s wages data, released by the ABS, which revealed that wages growth in Western Australia slowed to just 2.4% in the year to June in raw terms, the lowest rate of growth on record, and below the national average of 2.6% growth:
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Not surprisingly, the mining sector is the cause of the decline, with wages growth in mining just 2.5% in the year to June, albeit growth has picked-up slightly from the March quarter (see next chart).
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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