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The Australian Bureau of Statistics (ABS) has just released its Labor Price Index for the March quarter of 2020, which revealed plummeting wage growth in the lead-up to the COVID-19 lockdown:
According to the ABS, wages grew by just 0.52% (both s.a. and trend) in the March quarter. Private sector wages grew by 0.53% (both s.a. and trend) over the quarter, whereas public sector wages grew by 0.59% (s.a.) and 0.44% (trend).
Over the year, total wages grew by just 2.13% (both s.a. and trend), with the private sector experiencing just 2.15% (both s.a. and trend) growth and public sector wages growing by 2.39% (s.a.) and 2.16% (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.
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