Private sector sluggish
The ABS released the figures for wage prices in the June quarter.
Overall, wage price growth was 0.81 per cent seasonally adjusted in the June quarter, in line with forecasts, and representing another fairly steady result for a 5th consecutive quarter.
Over the year wage price growth slowed to 3.19 per cent, which was notably a little below Reserve Bank forecasts for 3.3 per cent, as recently published in the latest Statement on Monetary Policy.
Quarterly growth was in part driven by bargaining agreements and the public sector, where wage price growth was a seasonally adjusted 0.92 per cent for the quarter.
Private sector wages growth was just 0.69 per cent, which was the lowest quarterly growth since 2021.
This suggests that there's more slack in the labour force in the private sector, although it's worth noting that the Fair Work Commission award wages increase of a higher-than-expected 4¾ per cent will provide a boost to wages growth in the September quarter.
Wages price growth was fairly consistent over the year around the country ranging from the highest rates of growth in South Australia (3.6 per cent) and Queensland (3.4 per cent) to the lowest in Tasmania (2.9 per cent) and the Northern Territory (2.8 per cent).
More than 80 per cent of jobs are now seeing wages increases of under 4 per cent, which was the highest share in 4 years.
Overall, these figures were broadly in line with expectations, and consistent with a gradually softening labour market.
James Foster ran through the figures in a little more
detail here.
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