According to a Department of Employment report, bargained wage rises in the private sector have dropped to a 23-year low. The agreements for the quarter provided an average of 3 percent increase, the lowest since the Department began the quarterly survey in 1992. 

Similarly, the public sector is approving agreements averaging at a 3.7 percent increase. RBA Governor Glenn Stevens has been optimistic about recent slow wages growth, indicating that it might be saving jobs.