Later this morning the Australian Bureau of Statistics (ABS) will release its quarterly wage price index, a report that tracks wage movements for public and private sector workers by industry and location.
Here’s the state of play.
- In the 12 months to June wages grew by just 2.27%, down from 2.29% seen in the year to March.
- It was the lowest level in the 18-year history of the survey, and likely the slowest annual increase since the early 1990s recession.
- Private sector wages increased by just 2.195%, also the lowest level on record.
- Public sector wages fared better, although the annual rate was still low. They increased by 2.5%, up from 2.43% recorded in the previous quarter.
- Victoria recorded the fastest annual incerase in wages at 2.62%. The ACT, at the other end of the spectrum, saw wages grow by just 1.86%.
- Financial and insurance services workers saw their wages grow by 2.8%, the fastest of any group. Construction, professional, scientific and technical services fared significantly worse, recording the weakest wage growth at 1.7%.
- For the September quarter economists expect wages to increase by 0.6%, leaving the annual increase at 2.3%. Forecasts range from 2.2% to 2.4%, although recent history suggests that risks are slanted to the downside.
The report will be released at 11.30am AEDT. Business Insider will have full coverage as soon as the data drops.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.