According to the Financial Review today, annual wages growth in Australia has fallen to a 17-year low of 2.5 per cent.
Private sector wages growth for the 12 months to December last year was 2.4 per cent, compared with 2.7 per cent for the public sector. Across both sectors, the average growth was 2.5 per cent, the lowest since the current data series began in 1997.
Over the year to December, annual pay rises ranged from 1.9 per cent for workers in professional, scientific and technical services, to 3.4 per cent in education and training.
The highest average annual pay rises of 2.7 per cent were recorded in Victoria, South Australia and Tasmania, while wages growth in Western Australia continued to ease, with the state's private sector employees receiving annual increases of 2 per cent.
However, public servants in Western Australia along with those in Northern Territory secured average increases of 3.5 per cent, the largest increases won by public sector workers.
We hope that Australian economy is more activated to increase annual pay rises gradually from now on.
Subscribe to our English Newsletter