Finance Finance News ABS figures show annual wages growth slowest on record

ABS figures show annual wages growth slowest on record

Twitter Facebook Reddit Pinterest Email

The official measure of wage growth has recorded its slowest growth on records that go back to 1997.

The Bureau of Statistics wage price index (WPI) rose just 0.7 per cent in the December quarter and 2.6 per cent over the past year.

ABS director of the wage price index Robin Ashburn says that is the smallest annual increase on record.

“The growth in wages over the last year of 2.6 per cent, seasonally adjusted, was the smallest through the year rise since the series commenced in 1997,” she noted in the report.

Private sector wage growth was 0.6 per cent in the December quarter, seasonally adjusted, and public sector pay grew 0.9 per cent.

Over 2013, utilities and waste services staff recorded the biggest pay increase of 3.3 per cent, while professional, scientific and technical services staff averaged only 1.6 per cent wage growth.

Mining wages growth was 3.1 per cent, but had slowed dramatically from 5.1 per cent in 2012.

South Australia had both the best public and best private sector pay increases last year, and also the biggest overall rise in the December quarter of 0.8 per cent.

Tasmania had the smallest December quarter wage growth of just 0.3 per cent, and also lagged the nation in annual pay increases.