The Australian Bureau of Statistics released the results of their Wage Price Index for the quarter ending 31 December 2014. The index shows that wage growth continues to be slow in the private sector (with 0.6% growth recorded for the quarter across the country, and particularly low growth rates for resource focused Western Australia).
Wage growth in the private sector in Australia has now been below 3% annually in trend terms for seven successive quarters.
These figures follow the recent statements of the Reserve Bank of Australia that employers they have been consulting have indicated workers appear willing to trade wage growth for greater job security.
Thanks to Associate Michael Whitbread, summer clerk Alexandra Einfeld and graduate Stephanie Crosbie for their assistance in the preparation of this Update.