Strong wage growth is a good thing – especially when driven by raises for the lowest paid . The September quarter just recorded 1.3%. Economists sometimes like to think we can never have good things, and the news – even if good – is never as good as you think. So let us celebrate the strongest annual wage growth since 2009. Strong wages are a good thing – especially when driven as they were in the September quarter by raises for the lowest paid .
The increase in wages – although the largest increase on record – was not a shock and came in line with most expectations. As such, they should not spook the RBA into raising rates. Even still, the September figures do stand out – especially for the private sector, which had a 1.4% jump – breaking the quarterly record of 1.2% that occurred back in June 2008. Nearly half (49%) of workers in the private sector got a pay rise in July, August or September. And the average rise was a very strong 5.8
Wage Growth September Quarter Annual Increase Lowest Paid RBA Private Sector
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