Wage price indices measure changes in wages and salaries (excluding bonuses) for employee jobs within a representative sample unaffected by changes in work quality or quantity. This note looks at the most recent quarterly and annual changes in domestic wage price indices for individual industries and states.
- 19 Feb 2025 Wages - Q4 2024
The wage price index increased by a seasonally adjusted 0.7% in Q4 2024, slightly less than the 0.9% expected by markets and the least since Q1 2022. The annual rate of wages growth decelerated to 3.2%, the weakest in over two years.
- 13 Nov 2024 Wages - Q3 2024
The wage price index, measuring total hourly rates of pay excluding bonuses, increased a seasonally adjusted 0.8% in Q3 2024, slightly less than the 0.9% expected by market participants. The annual rate of wages growth decelerated to 3.5% (mkt exp. 3.6%), which is the slowest since Q4 2022.
- 13 Aug 2024 Wages - Q2 2024
The Wage Price Index, measuring total hourly rates of pay excluding bonuses, increased a seasonally adjusted 0.8% in Q2 2024 (exp 0.9%). The Q1 gain was revised up to 0.9% from the original estimate of 0.8%. The annual rate of wages growth was steady at 4.1%.
- 15 May 2024 Wages - Q1 2024
The Wage Price Index, measuring total hourly rates of pay excluding bonuses, increased a seasonally adjusted 0.8% in Q1 2024, somewhat less than the 0.9% expected by the markets.
- 21 Feb 2024 Wages - Q4 2023
The wage price index increased a seasonally adjusted 0.9% in Q4 2023, in line with market expectations. The annual rate of wages growth accelerated 0.1ppts to 4.2%, from the upwardly revised 4.1% in the previous quarter. Western Australian wages increased 0.8% in Q4 2023, to be up 4.7% through the year, the second strongest annual increase of all states.
- 15 Nov 2023 Wages - Q3 2023
The Wage Price Index, measuring total hourly rates of pay excluding bonuses, increased 1.3% in Q3 2023 as expected. This was the fastest increase in the wage price index on record. It was driven by the minimum and award wage hikes by the Fair Work Commission in its annual wage review for 2022-23. The annual rate of wages growth accelerated 0.4ppts to 4.0%, which is the highest level since 2009.
- 15 Aug 2023 Wages - Q2 2023
The wage price index, measuring total hourly rates of pay excluding bonuses, increased by 0.8% in Q2 2023, slightly slower than the 0.9% expected. The annual rate of wages growth decelerated 0.1ppts to 3.6%, which also narrowly missed the 3.7% consensus. Solid wage increases were recorded for all mainland states, with Western Australia again seeing the strongest gains, of 0.8% QoQ and 4.2% YoY.
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