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The June quarter Business Indicators report was released by the ABS yesterday, which includes aggregate wages & salaries data, namely “gross earnings before taxation and other deductions” and “includes provisions for employee entitlements”.
As expected, aggregate wages and salaries crashed into negative in Q2, diving by 3.3% over the quarter – the biggest quarterly decline in the series’ history (since 2001):
Annual wages and salaries growth also fell by 1.1% in the year to June, not yet matching the decline experienced during the Global Financial Crisis (-1.6%):
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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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