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Yesterday’s labour price index (LPI) data from the ABS revealed that Australian wages grew by a measly 1.4% in calendar year 2020 – a fraction above the all-time low recorded in the September quarter:
Today, the ABS has released Average Weekly Earnings (AWE) data for the November 2020 half, which recorded a sharp 1.9% decline in total earnings, with annual average earnings 1.9% higher through the year:
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This 1.9% decline in AWE over the November half followed a sharp 3.8% rise in the May 2020 half, which caused annual earnings growth to surge:
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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.