Australia’s Wage Price Index grows highest in year

Recent data indicates that wages have grown steadily and firmly under the Albanese Labor government.

The Wage Price Index increased by 0.8% in the March quarter, bringing its annual increase to 3.7%.

Since September 2012, this year-over-year growth has occurred at the fastest rate.

Restoring wage growth is critical to our economic strategy and the Budget we presented to the House last week.

According to the most recent ABS data, the private sector was the most significant contributor to growth.

Additionally, according to the report, 60% of jobs had increased pay from the previous year. Since the analysis started, this is the highest proportion.

After our forefathers spent a decade attempting to stifle wage growth purposefully, it is tremendously encouraging to see that wages are moving.

Even though these are totals, and we know they may not apply to everyone, this is still a positive development.

We know that rising interest rates and pressure from the cost of living still make things difficult for many people.

Because of this, the Budget contained a $14.6 billion package of cost-of-living adjustments that will assist Australians with rising energy prices, rent increases, and the cost of medications.

Ensuring average Australian employees can earn enough to support their families and advance in life is a critical component of addressing the issues caused by the rising cost of living issues.

We also recognize that maintaining real wage growth is still essential. Because of this, our conservative Budget and cost-of-living adjustment policies directly contribute to lowering inflation.

The end of the year was high for inflation, which has since started to decline.

This will support faster delivery of better real wage growth to workers when combined with a wage increase.

Regarding inflation, wage growth is not the issue; instead, it is a component of the solution to the pressures brought on by the rising cost of living in Australia.

We want an economy that is more productive, competitive, and inclusive, as well as wage growth that is substantial and sustainable.

The government had then supported wage increases for minimum wage and award wage workers, funded pay increases for aged care workers in the Budget, changed the law to support secure employment and better pay, made it simpler for parents to return to the workforce, increased the number of TAFE and university spots, and invested in sectors that generate safe, well-paying jobs.

Our May Budget was specifically focused on delivering targeted cost-of-living assistance without increasing inflation, reviving wage growth, and establishing the groundwork for a more robust and resilient economy.