The highest index rise at an industry level was recorded in financial and insurance services. up 0.9 percent, and the lowest was in accommodation and food services, an 0.1 per cent increase.
On Wednesday Treasury Secretary Philip Gaetjens said the real growth in wages was starting to filter through.
“I think there is movement occurring on wages and while wages have not grown very strongly inflation has been very low.”
The RBA has also forecast further wages growth.
Wage Growth projections from the RBA. Supplied
“Over coming years, household disposable income growth is expected to be supported by employment growth and a gradual pick-up in wages growth. Income tax cuts already announced will also support disposable income,” said economist Sarah Hunter from BIS Oxford Economics.
More to come.
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