Australia’s wages grew at a steady pace in the March quarter, figures from the Australian Bureau of Statistics showed on Wednesday.
The wages price index rose a seasonally adjusted 0.5 percent in the first quarter, the same rate of increase as seen in the fourth quarter. The rate matched economists’ expectations.
On a yearly basis, wages increased 2.1 percent in the first quarter, after a 2.2 percent rise in the previous quarter. The annual rate also came in line with economists’ expectations.
Wages in the public sector grew 2.1 percent over the year and those in private sector rose by 2.4 percent.
“Quarterly wage growth remained steady at 0.5% over the past four quarters and on the back of a year of relatively stable but slow economic growth,” ABS Chief Economist, Bruce Hockman said.
“Today’s data relates to the period shortly before restrictions were put in place to contain the spread of the [coronavirus]1, capturing wage information for the mid-month (February) of the March quarter,” Hockman said.
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