With the release of the latest ABS Wage Price Index for the September quarter, it was revealed that headline wages were growing right on analyst and RBA expectations, with wages up 0.8% quarter on quarter and 3.4% year on year.
But underneath the relatively pedestrian headlines lies a divergence in outcomes and significant falls in inflation-adjusted terms.
For the nation’s private sector workers, wage growth is trending down, with annual growth of 3.2% year on year, the weakest result since the June quarter of 2022.