THE latest ABS national Wage Cost Index shows a sharp jump in wage costs of 1.2 per cent between the June and September quarters, the highest quarterly increase since the data series began in September 1997.
THE latest ABS national Wage Cost Index shows a sharp jump in wage costs of 1.2 per cent between the June and September quarters, the highest quarterly increase since the data series began in September 1997. Growth through the year to September was still modest at 3.1 per cent, although this was the highest annual growth recorded since June 1999. If the quarterly growth recorded in September is sustained, annual wage cost inflation will pick up in coming quarters. The Wage Cost Index appears to confirm that wage pressure is rising, but not as sharply as the average earnings data suggested.
Subscribe today for award-winning, unbiased and trusted journalism