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Australia's Record Low Wage Growth at 1.5%


May, 17 2017
watermark Economic news

The household debt climbed to an all-time high that affects spending and inflation that moved Australian wages sluggishly. This raised concern to the Reserve Bank of Australia and lower than the target of 2 to 3 percent leading to two rate cuts last year to a record low of 1.5 percent.


The wage price index climbed to 0.5 percent in the first quarter compared to the quarter before while the annual wage growth maintained at 1.9 percent which is significantly half less a decade ago. Although the central bank is pointing out that the wage growth decreases indicating less pressure to labor costs.


It is anticipated that inflation will recover early next year while wages rises slowly with the progressing jobs market. Data shows that the public sector to be gaining more appeal to investors with 2.4 percent increase compared to the 1.8 percent in the private sector. recovery of mining investments following a stagnant growth.

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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.