Record low wages growth shatters Budget forecast

Wednesday 16 August 2017

The Australian Bureau of Statistics (ABS) has just released its Wage Price Index for the June quarter of 2017, which revealed a continuation of weak wages growth across the economy, with annual wages growing at the lowest rate in the series’ 20 year history:

According to the ABS, wages grew by 0.48% (both s.a. and trend) in the June quarter. Private sector wages grew by 0.40% (both s.a. and trend) over the quarter, whereas public sector wages grew by 0.68% (both s.a. and trend).

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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.