Wages, according to the latest official numbers from the Australian Bureau of Statistics, grew by just 2.5% over the last 12 months.
This is a 17-year low.
The wage price index in the December 2014 quarter grew just 0.6% for an annual rate of 2.5%, down from 2.6%.
However, the situation is worse for wage earners than these numbers indicate.
Take a look at this chart from UBS, which adds in the impact of the Consumer Price Index. It shows by how much wages have grown when subtracting inflation.
Taking inflation — which is officially running at 1.7% — into account, the wage growth is just 0.8% a year.
While this sounds tiny, and is, it’s actually the best result since 2012 and supports a near-term low inflation outlook.