Australia’s Annual Wage Growth in 2022 Failed to Reach Expectations
Australia’s wage growth hit 3.3 percent in the 12 months to December 2022, falling short of market expectations despite its indication of a positive development.
According to the Australian Bureau of Statistics (ABS), the wage price index rose 0.8 percent in the December 2022 quarter.
ABS head of prices statistics, Michelle Marquardt, said the growth for the December quarter was below the 1.1 percent increase in the previous three months.
“It was, however, higher than any December quarter increase across the last decade,” she said.
Before the release of the new data, the market expected a one percent growth for the quarter and a 3.5 percent rise for the year ending December 2022….