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Wages growth worse than expected

Business

Don't bank on getting a decent pay rise any time soon, with the latest wage growth figures weaker than expected.

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The September quarter wage price index – the Reserve Bank’s and Treasury’s preferred measure of wages growth – was 0.5 per cent for an annual rate of two per cent.

Economists had expected a 0.7 per cent bump for the quarter and an annual rate of 2.2 per cent.

Workers in the accommodation and food services industries had the highest quarterly rise of 1.7 per cent, while mining company employees saw their wages inch up by just 0.2 per cent, according to the Australian Bureau of Statistics’ figures released today.

In the public sector, public administration and safety had the strongest quarterly wages growth of 1.2 per cent, while workers in electricity, gas and water were among those with the lowest increase of 0.5 per cent.

The Australian dollar fell by more than a quarter of a US cent after the figures were released, diving as low as 75.87 US cents at 1159 AEDT, after being at 76.29 US cents just before the release.

– AAP

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