Wage price indices measure changes in wages and salaries (excluding bonuses) for employee jobs within a representative sample unaffected by changes in work quality or quantity. This note looks at the most recent quarterly and annual changes in domestic wage price indices for individual industries and states.
- 15 Nov 2023 Wage Price Index Q3 2023
The Wage Price Index, measuring total hourly rates of pay excluding bonuses, increased 1.3% in Q3 2023 as expected. This was the fastest increase in the wage price index on record. It was driven by the minimum and award wage hikes by the Fair Work Commission in its annual wage review for 2022-23. The annual rate of wages growth accelerated 0.4ppts to 4.0%, which is the highest level since 2009.
- 15 Aug 2023 Wages - Q2 2023
The wage price index, measuring total hourly rates of pay excluding bonuses, increased by 0.8% in Q2 2023, slightly slower than the 0.9% expected. The annual rate of wages growth decelerated 0.1ppts to 3.6%, which also narrowly missed the 3.7% consensus. Solid wage increases were recorded for all mainland states, with Western Australia again seeing the strongest gains, of 0.8% QoQ and 4.2% YoY.
- 17 May 2023 Wage Price Index Q1 2023
The wage price index increased a seasonally adjusted 0.8% in Q1 2023, in line with the market expectations and same as in the previous quarter. The Q1 increase took the annual growth rate to 3.7%, which is the highest level since Q3 2012. Solid wage increases were recorded for all states, with Western Australia and Tasmania seeing the strongest gains, of 1.1% QoQ and 4.1% YoY in both cases.
- 22 Feb 2023 Wages - Q4 2022
The Wage Price Index, measuring total hourly rates of pay excluding bonuses, increased a seasonally adjusted 0.8% in Q4 2022, slower than the 1.0% rise expected by the markets and less than the 1.1% recorded in the previous quarter. The Q4 increase took the annual growth rate to 3.3%, which is the highest since Q4 2012. Private sector wage growth decelerated to 0.8% QoQ and 3.6% YoY.
- 16 Nov 2022 Wages - Q3 2022
The Wage Price Index, measuring total hourly rates of pay excluding bonuses, increased a seasonally adjusted 1.0% in Q3 2022, accelerating from previous quarters. Private sector wage growth accelerated to 1.2% QoQ and 3.4% YoY, the fastest since Q4 2012. Western Australian private wages growth accelerated 0.7ppts to 1.7% QoQ, to be 3.8% up through the year.
- 17 Aug 2022 Wages - Q2 2022
The wage price index, measuring total hourly rates of pay excluding bonuses, increased a seasonally adjusted 0.7% in Q2 2022, lower than market expectations for a 0.8% rise and at the same pace as in the previous two quarters. The Q2 increase took the annual growth rate to 2.6%, which is the fastest since Q3 2014.
- 18 May 2022 Wages - Q1 2022
The wage price index increased a seasonally adjusted 0.7% in Q1 2022, in line with the market expectations and at the same pace as the previous quarter. The Q1 increase took the annual growth rate to 2.4%, against 2.3% in the previous quarter.
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