Feel like your wage haven’t increased much over the past year? You’re not alone. Wages in Australia are growing at the slowest pace on record.
According to the ABS wages increased by a paltry 2.27% in the year June, some 0.02% below the previous record-low of 2.29% seen only three months earlier.
Without rounding private sector wages increased by just 2.195%, also the lowest level on record.
Public sector wages, in comparison, rose by 2.50%, above the 2.43% pace recorded previously.
Looking at each state and territory it is clear that wage growth is subdued across the country.
Without seasonal adjustments Victoria recorded the strongest annual growth – 2.62% – while the ACT – at just 1.86% – recorded the lowest level of growth.
Here’s the ABS on the performance of each state and territory from a private and public perspective.
“In the Private sector, the quarterly rise for Victoria of 0.7% was the largest quarterly rise of all states and territories. The smallest quarterly rise of 0.2% was recorded by Queensland, South Australia and Western Australia. Rises through the year in the Private sector ranged from 1.8% for Western Australia to 2.6% for Tasmania. For the fourth quarter in a row, Western Australia has recorded the slowest through the year wages growth of all states and territories.
In the Public sector, Tasmania and Western Australia recorded the largest quarterly rise of 0.6%, with Northern Territory recording the smallest quarterly rise of 0.1%. Victoria recorded the largest through the year Public sector rise of 3.3%. For the fourth consecutive quarter, the smallest through the year rise for the Public sector was recorded by the Australian Capital Territory (1.5%). Public sector wages growth in other states and territories is mostly driven by regularly scheduled State and Local government pay increases. In the ACT Commonwealth government pay changes are most evident in the wages growth reported”.
All industries recorded modest levels of wages growth from a year earlier.
Wages in construction, professional, scientific and technical services grew by just 1.7%. At the other end of the spectrum, those for financial and insurance services jumped by 2.8%.