“The increase in the Wage Price Index released by the ABS today shows that the pace of wages growth is picking up strongly. This is occurring without the assistance of the heavy-handed provisions in the Government’s IR Bill currently in the parliament,” Innes Willox, Chief Executive of the national employer association Ai Group said today.
“Following the long period of low inflation since the global financial crisis and the interruption of the COVID pandemic, wages growth is on the move with the quarterly increase in wage rates the highest in more than a decade.
“Wages growth has begun to catch up with inflation following its sudden rise since the end of 2021.
“The pick-up in wages growth is occurring organically and is particularly evident in the 4.3 per cent increase in private sector wages that were renegotiated over the course of the September quarter. It provides still further evidence of the ill-considered and unnecessary changes proposed in the IR Bill the Government is trying to rush through the parliament,” Mr Willox said.
