Australian wages growth slows to a crawl at the start of 2015

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The ABS has just released its wage price index for the March quarter of 2015 and it’s come in below market expectations.

Wage growth for the quarter came in at 0.5%, below the 0.6% increase expected, with the annual rate slipping to just 2.29%, the lowest level seen since the survey began in 1997.

In the 12 months to March private sector wages grew just 2.21% while those in the public sector fell to 2.44%. Both, like the headline figure, were survey lows.

The state and territory breakdown is found below. Tasmania recorded the fastest growth in private sector wages, 2.6%, while Western Australia recorded the lowest at 1.9%. In the public sector Victoria recorded the fastest growth at 3.2% while those in the ACT rose by just 1.3%.

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