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The Australian Bureau of Statistics (ABS) has just released its Labor Price Index for the September quarter of 2019, which revealed falling wage growth:
According to the ABS, wages grew by just 0.53% (both s.a. and trend) in the September quarter. Private sector wages grew by 0.53% (both s.a. and trend) over the quarter, whereas public sector wages grew by 0.52% (s.a. ) and 0.59% (trend).
Over the year, total wages grew by just 2.29% (s.a.) and 2.37% (trend), with the private sector experiencing just 2.21% (s.a.) and 2.29% (trend) growth and public sector wages growing by 2.49% (both s.a. and trend).
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.