Australian wages grew 0.7% in the three months to June 2013, marking the third quarter of weak growth.
Wage Price Index figures released by the ABS today indicate that Australian wages rose 3.0% year-on-year, in line with market forecasts.
The ABS reported that the unadjusted quarterly rise reading of 0.4% was the equal lowest ever recorded since the Wage Price Index series commenced in 1997.
WA wages grew the most during the quarter, while wages in Tasmania, the Northern Territory and the ACT grew the least. Here’s how the industries fared:
Today’s weak WPI growth is the latest in a series of worrying data releases and forecasts about Australian jobs.
Last week, the ABS reported that Australia’s unemployment rate was holding steady at 5.7% but the participation rate had fallen – implying that job seekers were giving up.
The Department of Education, Employment and Workplace Relations last month reported that job vacancies had fallen 59.2% since March 2008.
And according to the Federal Government’s latest economic forecasts, unemployment will shoot up to 6.25% in 2013-14.
Here’s Westpac’s chart of the WPI:
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