Australia’s Annual Wages Growth Reaches 2.6 Percent in June, Highest Since 2014
Australian wages rose by 2.6 percent on average in the 12 months to June. However, the increase was unlikely enough for Australians to cover living cost hikes.
As the annual inflation rate is sitting at 6.1 percent, the wage figures for June indicates that real wages are actually decreasing, which adds more pressure on household budgets.
According to the Australian Bureau of Statistics (ABS), while wages only went up by 0.7 percent compared to the previous quarter, the 2.6 percent rise was the highest annual growth rate recorded since September 2014.
Michelle Marquardt, the head of prices statistics at the ABS, said wages growth in the June quarter was driven by the private sector….