Australian wage growth plummets to fresh all-time low

The Australian Bureau of Statistics (ABS) has just released its Labor Price Index for the June quarter of 2020, which revealed plummeting wage growth as COVID-19 shutdowns took effect:

According to the ABS, wages grew by just 0.22% in the June quarter. Private sector wages grew by only 0.08% over the quarter, whereas public sector wages grew by 0.58%.

Over the year, total wages grew by just 1.82%, with the private sector experiencing just 1.68% growth and public sector wages growing by 2.14%.

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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.