National wages grew by 1.3% during July, August and September, according to the Australian Bureau of Statistics (ABS).
The ABS’(WPI) tracks changes in the hourly wages earned in a range of jobs selected to represent the whole economy.
The figure is the highest recorded in a three-month period in the 26-year history of the WPI. It was slightly higher than price growth of 1.2% over the same period.
Why wages grew
The ABS attributed the 1.3% increase for the quarter to a combination of factors, including rising inflation and increases to the minimum wage, which came into effect on 1 July.
Salary increases in, the removal of state wage caps and new enterprise agreements coming into effect across the public sector also contributed to higher wages.
Inflation
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While wages have grown over the last year, the price of what people typically buy with their wages has grown, too.
The annual wage growth of 4.0% from September 2022 to September 2023 was lower than the level of price growth, 5.6%.
Australians might be earning more money, but these figures suggest their money is buying less thanwhat it did a year ago.
Details
The WPI measures changes in the price of labour.
However, it doesn’t factor in fluctuations in worker numbers, hours worked, or short-term shifts in the types of jobs people have.
