Press "Enter" to skip to content

Wage growth slowed to record low in June

Wage growth slowed to a record low in the June quarter in the face of a steep economic downturn and a spike in unemployment.

The June quarter wage price index grew just 0.2 per cent, the slowest rate since the Australian Bureau of Statistics began collecting the data in 1997.

The annual rate has been dragged down to 1.8 per cent, which is also a record low.

“The June 2020 quarter was the first full period in which COVID-19 social and business restrictions were captured,” ABS statistician Andrew Tomadini said on Wednesday.

Private sector wages grew by just 0.1 in the quarter to an annual rate of 1.7 per cent, while public sector wages were up 0.6 per cent to 2.1 per cent.

Wages fell in the construction, wholesale trade, accomodation and food, real estate and professional services sectors.

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *