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Australia’s wage price index recorded modest positive growth in real inflation-adjusted terms in the December quarter of 2023:
Even so, real wages were still 6.9% below their June 2020 peak and tracking at September 2010 levels.
To add further insult to injury, employee cost of living lifted by 6.9% in the 2023 calendar year, according to the ABS:
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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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