The latest data comes just three days before polls close for an election campaign in which wage increases have been one of the more contentious issues.has said he “absolutely” supported workers’ salaries keeping up with inflation. Prime minister Scott Morrison, though, warned that too-rapid wage rises would stoke inflation and prompt the Reserve Bank to ratchet up its interest faster, hurting borrowers.the gap with headline consumer prices at 2.7% was the biggest in 20 years.
Earlier in May, the RBA said its liaison teams had detected faster rises in salaries as employers scrambled to retain and attract staff as the jobless rate sank to levels not seen since the 1970s. Even so, the central bank expected wage growth excluding bonus to lag inflation by about 3 percentage points and only catch up in 2024.
“The annual rate of wage growth has risen for each of the last five quarters from a low point of 1.4 per cent in December quarter 2020,” Michelle Marquardt, head of Prices Statistics at the ABS, said in a statement. Public sector wage increases continued to drag on the overall numbers, advancing 2.2% from a year earlier. Private sector wages increased 0.7% for the quarter and 2.4% for the year.
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