Disappointing wage growth misses Budget forecasts again

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The Australian Bureau of Statistics (ABS) has just released its Labor Price Index for the June quarter of 2019, which revealed more disappointing wages growth:

According to the ABS, wages grew by just 0.61% (s.a.) and 0.53% (trend) in the June quarter. Private sector wages grew by 0.54% (both s.a. and trend) over the quarter, whereas public sector wages grew by 0.82% (s.a. ) and 0.60% (trend).

Over the year, total wages grew by just 2.58% (s.a.) and 2.33% (trend), with the private sector experiencing just 2.26% (both s.a. and trend) growth and public sector wages growing by 2.58% (s.a.) and 2.50% (trend) growth.

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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.