Wages growth accelerated to its fastest rate in a decade at the end of last year, but people’s pay packets aren’t growing as fast as the Reserve Bank forecasts.
Salaries grew by 0.8 per cent in the December quarter to be 3.3 per cent higher over 2022, according to data from the Australian Bureau of Statistics., which were for wages to increase by 1 per cent in the final three months of last year and by 3.5 per cent annually.
ABS head of prices statistics Michelle Marquardt said growth was running at its fastest rate since December 2012, despite an easing in the quarterly rate in December. Workers in the accommodation and food services industry received the largest pay rise in December, recording an average wage increase of 1.7 per cent.
Betashares chief economist David Bassanese said the latest wages data is not strong enough to justify the RBA delivering a super-sized 0.5 percentage point rate increase in March, which it has considered at recent board meetings.
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