May 15th 2024.
According to recent data from the Australian Bureau of Statistics, wages for the March quarter have increased by 4.1% compared to the same time last year. This marks a slight decrease from the previous quarter in December 2023, where the increase was 4.2% from the previous year. However, there is still reason to celebrate as this is the first time in quite a while that private wage growth has remained at or above four percent since the September 2023 quarter.
Michelle Marquardt, the head of prices statistics at ABS, expressed her thoughts on the matter, stating that the last time wages growth was at this level for three consecutive quarters was back in March 2009. This is certainly a positive sign for the economy and the workforce as a whole.
On a quarter-on-quarter basis, there was a 0.8% increase, which is the smallest rise since the December 2022 quarter. In terms of public sector wage growth, it was at 3.8% year-on-year, slightly lower than the 4.3% recorded in December 2023, but still higher than the three percent from the same period last year.
The quarter-on-quarter wage increase for the public sector was 0.5%, the smallest since the March 2022 quarter. Marquardt explained that the results from last year's March quarter for the public sector were affected by the implementation of new enterprise agreements and changes to wage caps. This led to many jobs covered by these agreements receiving scheduled raises in either the September or December quarters of last year, rather than in the March quarter of 2024.
In other news, an iconic Italian company in Melbourne is set to close its doors after 70 years of operation. This news has saddened many, as the company has been a staple in the community for decades. The parents of a murdered surfer have also issued a heartfelt plea, adding to the somber tone of recent events.
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