Australian wages grew at the slowest pace in the past one year, largely remaining stagnant during the second quarter, compared to the same period a year ago.
Wage growth in Australia advanced a seasonally adjusted 2.1 percent on year in the second quarter of 2016, data released by the Australian Bureau of Statistics showed Wednesday. That was unchanged from the previous three months; however, it exceeded forecasts for 2.0 percent.
Moreover, gains for the index at the industry level ranged from 1.3 percent for mining to 2.6 percent for electricity, gas, water and waste services. On a quarterly basis, wage growth gained 0.5 percent – in line with expectations and up from 0.4 percent in the three months prior.
In addition, the quarterly rises in indexes at the industry level ranged from 0.1 percent for retail trade to 0.9 percent for wholesale trade. Wage growth in the private sector added 0.5 percent on quarter and 2.0 percent on year, while growth in the public sector gained 0.6 percent on quarter and 2.4 percent on year.
Across all sectors, wages rose 0.5 percent in the three months to June. In trend terms, wages also rose 2.1 percent year-on-year. Meanwhile, wages growth was strongest in the electricity sector at 2.6 percent and in education and training at 2.5 percent.
However, growth was slowest in the administrative and support services at 1.4 percent, and wages growth in construction was also weak at 1.5 percent.