Weak wages growth demolishes Budget forecast

Wednesday 15 August 2018

The Australian Bureau of Statistics (ABS) has just released its Labor Price Index for the June quarter of 2018, which revealed a trend weakening in wages growth from already anaemic levels:

According to the ABS, wages grew by 0.62% (s.a.) and 0.47% (trend) in the June quarter. Private sector wages grew by 0.55% (s.a.) and 0.47% (trend) over the quarter, whereas public sector wages grew by 0.61% (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.