Pete Wargent blogspot

Co-founder & CEO of AllenWargent property advisory, offices in Brisbane (Riverside) & Sydney (Martin Place) - clients include hedge funds, resi funds, & private investors.

4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.

"Unfortunately so much commentary is self-serving or sensationalist. Pete Wargent shines through with his clear, sober & dispassionate analysis of the housing market, which is so valuable. Pete drills into the facts & unlocks the details that others gloss over in their rush to get a headline. On housing Pete is a must read, must follow - he is one of the better property analysts in Australia" - Stephen Koukoulas, MD of Market Economics, former Senior Economics Adviser to Prime Minister Gillard.

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"I've been investing for over 40 years & read nearly every investment book ever written yet I still learned new concepts in his books. Pete Wargent is one of Australia's finest young financial commentators." - Michael Yardney, Australia's leading property expert, Amazon #1 best-selling author.

"The most knowledgeable person on Aussie real estate markets - Pete's work is great, loads of good data and charts, the most comprehensive analyst I follow in Australia. If you follow Australia, follow Pete Wargent" - Jonathan Tepper, Variant Perception, Global Macroeconomic Research, and author of the New York Times bestsellers 'End Game' and 'Code Red'.

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Thursday, 15 August 2013

ABS: Average weekly earnings leap by 4.9% y/y

A revealing data set from the ABS today here showing that average weekly earnings jumped by nearly 5% between May 2012 and May 2013 in Australia.

"In the twelve months to May 2013, Trend series Full-Time Adult Average Weekly Ordinary Time Earnings increased by 5.1% to $1,422.70.

The Full-Time Adult Average Weekly Total Earnings in May 2013 were $1,485.80, a rise of 4.8% from the same time last year."

Source: ABS

The series uses a different methodology from the wages price growth index (which showed wages growth excluding bonuses having grown by 3.0% in the year to June 2013).

As expected there was a huge disparity between the states, with average weekly earnings a colossal 7.8% higher y/y in Western Australia, fuelled by the mining boom.

In New South Wales, where the employment market is very strong, average weekly earnings were more than 5% higher than a year previous.

NSW comfortably recorded the strongest gains over the last 6 months thanks to it having the strongest labour market in Australia. This will be reflected in a capital city property market which also outperforms the rest of Australia in the coming months.

Of course, there were weak results too. No prizes for guessing where the poorest results came in - South Australia, where the labour market is weak and probably worsening, and the property market is even worse.

Other notable trends included the disparity between industries (mining miles ahead of everything else) and the disparity between public sector earnings and those of the private sector.