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Australia annual wage growth slows to 3.2% as private pay moderates

The Wage Price Index rose 0.8% quarter over quarter in Q2, and 79% of jobs saw wage increases of less than 4% over the past year.

Reported · Written up by our desk · Economy

Australia’s wage growth cooled further, with the Wage Price Index rising 0.8% quarter over quarter in Q2, matching expectations and extending the same quarterly pace for a fifth straight quarter, according to data cited by Action Forex.

Annual wage growth slowed to 3.2% from 3.4% a year earlier, staying below the 4.3% peak reached in late 2023, with private-sector wages showing more moderation.

Private wages increased 0.7% quarter over quarter, while annual private wage growth eased to 3.1% from 3.2% in Q1, as public-sector wages remained comparatively firmer at 0.9% quarter over quarter and 3.4% year over year.

Action Forex said the latest breakdown suggests gradual cooling, with 79% of jobs recording wage rises of less than 4% over the past year, and noted that while the Reserve Bank of Australia may still watch for inflation risks, the report offers less evidence that wages are adding upside pressure.

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