Wages

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.

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%.

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.

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.

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.

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.

The wage price index increased a seasonally adjusted 0.8% in Q1 2023, in line with the market expectations and same as in the previous quarter. The Q1 increase took the annual growth rate to 3.7%, which is the highest level since Q3 2012. Solid wage increases were recorded for all states, with Western Australia and Tasmania seeing the strongest gains, of 1.1% QoQ and 4.1% YoY in both cases.