Money There's still no sign of a wage pickup in Australia

12:06  16 may  2018
12:06  16 may  2018 Source:   businessinsider.com.au

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Australia � s March quarter wage price index (WPI) has come in below expectations. According to the Australian Bureau of Statistics (ABS), hourly wage growth excluding bonuses rose by 0.47% in the March quarter, missing expectations for an increase of 0.6%.

Australia ' s March quarter wage price index (WPI) has come in below expectations. According to the Australian Bureau of Statistics (ABS), hourly wage According to analysis by the respect Institute for Fiscal Studies, the average earnings of a UK worker are still considerably below their pre-crisis level

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Australia's March quarter wage price index (WPI) has come in below expectations.

According to the Australian Bureau of Statistics (ABS), hourly wage growth excluding bonuses rose by 0.5% in the March quarter, missing expectations for an increase of 0.6%.

The December quarter WPI was also revised lower to a gain of 0.5%, below the 0.6% rate originally reported.

The WPI measures changes in ordinary hourly rates of pay, not the amount of hours worked or compositional changes in the workforce. Just hourly wage rates excluding bonuses.

"Wage growth in the March quarter 2018 continues a period of subdued first quarter rises, primarily driven by regular increases in the Education and training and Health care and social assistance industries," said ABS Chief Economist Bruce Hockman.

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Australia ’ s March quarter wage price index (WPI) has come in below expectations, casting renewed doubt over the ability of wages to help boost household spending and inflationary As seen in the chart above, after a modest pick - up in 2017, there are few signs that wage growth is accelerating.

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Despite the downside miss, the annual rate held steady at 2.1%.

The RBA doesn't sound very confident about the outlook for Australian wages

  The RBA doesn't sound very confident about the outlook for Australian wages RBA banking on wage growth to boost economic growth and lift inflationary pressures. Not confident it will pick up by any meaningful amount in the period ahead.That was clear to see in a speech delivered today by RBA deputy governor Guy Debelle, in which he all but admitted the risks for the bank's wage growth outlook are currently to the downside.

Moreover, there were some blemishes in the latest wage numbers. Still , the latest pickup in wages seemed to confirm what executives in boardrooms have been saying for months about the challenges of keeping workers when labor was becoming more scarce.

Sign in/ up . Photograph: Meredith O'Shea for the Guardian. The year wages stood still . It was a nice, clean relationship and it saw wages in Australia grow from 1998 through to the end of 2012 – a period encompassing both the mining boom and the global financial crisis – at an average of around

However, that masked some unwelcome news for those working in the private sector workers, the largest employer in Australia.

The ABS said private sector wages grew by just 1.9%, the same pace as consumer price inflation over the same period.

That means for the vast majority of workers, real wage growth went nowhere over the year.

In comparison, public sector wages outperformed, lifting by 2.3% over the year.

Without seasonal adjustments, the ABS wage growth over the year ranged from 1.4% in the mining industry to 2.7% for health care and social assistance workers.

Victorian and Tasmanian workers received the largest increase over the year at 2.3%. At the other end of the spectrum, those workers in the Northern Territory saw their average wage lift by just 1.1, the weakest level across the country.

More to follow...

Australia's bank note printers heed wage call - and strike .
<p>The RBA declined to comment on an ongoing matter.</p>With wage growth in Australia crawling around the slowest pace on record, Reserve Bank of Australia (RBA) Governor Philip Lowe recently called on workers to demand fatter pay hikes.

Source: http://au.pressfrom.com/news/money/-64208-theres-still-no-sign-of-a-wage-pickup-in-australia/

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