The Magazine for Asian Investors
The Australian Bureau of Statistics (ABS) reported that the Australian wage price index increased by 2.6% year-on-year in Q2 2019, but is still below the rate of inflation.
The Australian wage price index rose by 0.7% in the second quarter, the third consecutive increase.
According to the Australian Bureau of Statistics, wages increased by 2.6% year-on-year. It was the third quarter in a row in which wages and salaries increased, mainly due to higher employment in the private sector.
“The growth in demand for skilled workers over the past 12 months has increased wage pressures across industries and jobs at large, reflected in higher wage increases,” the Australian Bureau of Statistics said.
The ABS announced last month that the consumer price index (CPI) rose 1.8% in the second quarter of 2002 and 6.1% in the previous 12 months. This means that workers’ real wages have fallen by about 3.5% over the past year.