Australia Wage Growth

Australia's seasonally adjusted wage price index increased by 4.2% yoy in Q4 of 2023, compared with market forecasts and an upwardly revised figure of a 4.1% growth in Q3. It marked the highest reading since Q1 of 2009, with wages in the public sector rising by 4.3%, the most since Q1 of 2010; while those in the private one grew further (4.2% vs 4.3%). In original terms, the main contributors to the growth were healthcare and social assistance (5.5%), education and training (4.8%), administrative and support services (4.5%), retail trade (4.3%), manufacturing (4.2%), mining (4.1%), construction (4.1%), postal & warehousing (4.1%), accommodation and food services (4.0%), arts and recreation services (3.8%), and electricity, gas, water, and waste services (3.7%). On a quarterly basis, wage prices advanced by 0.9%, slowing from a 1.3% growth in the prior quarter, the lowest in three quarters, and matching forecasts.