Today’s Wage Price Index results confirm that wage growth is heading in the right direction, with the results showing the strongest wage growth in three years.
The Australian Bureau of Statistics data shows that wages rose by 0.6 per cent over the September quarter to be 2.3 per cent higher through the year.
Minister for Jobs and Industrial Relations, the Hon Kelly O’Dwyer said today’s results are good news for Australian workers.
“Today’s figures are encouraging and show wages are heading in the right direction. The data demonstrates the importance of a strong economy in generating more jobs and comes off the back of unemployment falling to 5 per cent in September – the lowest level since April 2012.”
Wage growth has moved even further ahead of the inflation rate, and as the Reserve Bank Governor has repeatedly stated, wage growth is expected to further pick up as the labour market tightens.
“The Coalition Government is putting in place the right conditions for strong economic and jobs growth, with more than 1.1 million jobs created since coming to office and more than 300,000 jobs created last financial year.”
“While the Coalition Government’s plan for a stronger economy is working, Bill Shorten and Labor would take a baseball bat to our economy with their $200 billion worth of taxes on electricity, workers, housing, savings, investments and retirement hitting millions of Australians,” Minister O’Dwyer concluded.