The Australian Bureau of Statistics (ABS) has just released its Wage Price Index for the March quarter of 2015, which revealed a continuation of soft wages growth across the economy, with annual wages growth also tracking at the lowest rate in the series’ 16.5 year history (see below charts).
According to the ABS, wages grew by 0.5% (both s.a. and trend) in the March quarter. Private sector wages grew by 0.4% (s.a.) and 0.5% (trend) over the quarter, whereas public sector wages grew by 0.5% (s.a.) and 0.6% (trend). Over the year, total wages grew by just 2.3% (both s.a. and trend), with the private sector experiencing 2.2% (s.a.) and 2.3% (s.a) growth and the public sector 2.4% (s.a.) and 2.5% (trend) growth.
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