Updated
Wage growth remains stuck around historically low levels, with workers receiving annual pay increases averaging 2.3 per cent.
The Bureau of Statistics Wage Price Index rose 0.5 per cent over the first three months of the year, the same growth as the December quarter, and slightly below the typical economist forecast of 0.6 per cent.
ABS chief economist Bruce Hockman said wages growth had remained stagnant for nine months.
“Annual wages in seasonally adjusted terms grew 2.3 per cent for the third quarter in a row,” he observed.
“The main contributors to growth over the quarter were regularly scheduled wage rises in the health care and social assistance and education and training industries, as was the case in the previous March quarter.”
In unadjusted terms, wage growth was strongest in the health care and social assistance sector, at 3 per cent, while it was weakest in the construction and media and telecommunications industries, at 1.8 per cent over the past year.
The most recent detailed employment figures from earlier this year show the construction sector shed almost 50,000 jobs over the 12 months to February, as Australia’s residential building boom turned to bust.
More to come.
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