Aussie wage growth lags RBA's expectations

Australian wage growth missed the RBA’s expectations in the December quarter of 2021, according to new data released today by the Australian Bureau of Statistics (ABS).

Total wages grew by only 0.65% in the December quarter, largely meeting analyst’s expectations of 0.7% growth. Private sector wages grew by 0.66% over the quarter, whereas public sector wages grew by 0.71%.

Overall wages grew by 2.29% over the year, up significantly from the all-time low of 1.36% recorded in the year to September 2020.

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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.

Aussie wage growth lags RBA’s expectations