The Australian Bureau of Statistics (ABS) has just released its Labor Price Index for the September quarter of 2020, which reveals that wage growth has plunged to fresh lows:
According to the ABS, wages grew by just 0.07% in the September quarter. Private sector wages grew by only 0.08% over the quarter, whereas public sector wages grew by 0.22%.
Over the year, total wages grew by just 1.36%, with the private sector experiencing just 1.21% growth and public sector wages growing by 1.77%.
You can see from the next chart, which plots non-seasonally adjusted wages growth on an annual basis (in order to reduce volatility), that wages growth is weak everywhere, but is strongest in SA (1.8%) and weakest in VIC (1.2%):
In a similar vein, wages growth is weak across most industries, with Financial Services (+2.4%) strongest and Real Estate Services (+0.6%) weakest:
Wage growth will obviously remain weak as mass unemployment remains across the economy. Rebooting mass immigration will only make the situation worse.