The website uses cookies. By using this site, you agree to our use of cookies as described in the Privacy Policy.
I Agree

Wages up amid growing reports of worker shortages

Matthew CranstonEconomics correspondent

Wages rose 0.6 per cent in the three months to December, double what economists were expecting and pushing the annual rate up to 1.4 per cent.

Private sector wages rose 0.7 per cent while public sector wages rose 0.3 per cent.

The stronger than expected bounce indicates the strength of the recovery in the labour market, where unemployment has fallen back to 6.4 per cent from 7.4 per cent. More than 800,000 jobs have been regained in seven months.

Professional, scientific and technical services recorded the highest wage rise of 1.2 per cent during the December quarter, according to the latest data from the Australian Bureau of Statistics.

The lowest quarterly rise of 0.1 per cent was recorded in the accommodation and food services, financial and insurance services, and healthcare and social assistance sectors.

ABS head of prices statistics Michelle Marquardt said a large proportion of the private sector wage growth came from the continued restoration of hourly wages.

Measure
Measure
Summary | 1 Annotation
stronger than expected bounce indicates the strength of the recovery in the labour market
2021/02/24 05:26