Data Snapshot: Wage Price Index & Consumer Confidence - Weakest Wage Growth on Record

The key points in the report are:

  • The lockdown measures across the nation had a substantial impact on the labour market and incomes. Wages growth slowed significantly in the June quarter, with growth at just 0.2%. It was the slowest pace in the history of the series which dates back to 1997.
  • It highlights the significant degree of slack in the labour market.
  • On an annual basis, wages growth slowed from 2.2% in the March quarter to 1.8% in the June quarter, the weakest annual pace of growth since the series began.
  • For the first time in the history of the series, wages declined in certain industries. There were falls in wages in six out of 18 industries in the June quarter, including other services, construction, professional, scientific & technical services, accommodation & food services, wholesale, and rental, hiring & real estate services.
  • It would not be surprising if further falls in wages occurred in some parts of the economy over the September quarter as lockdown measures once again took effect in Victoria. Further weakness in wages is expected for some time, especially as spare capacity in the labour market is set to continue.
  • In separate data, consumer confidence fell 9.5% to 79.5 in August, approaching the very low level of confidence recorded in April during the nationwide lockdown. The sharp drop in confidence was led by NSW and Victoria.

 

Please refer to the attached report for more information.



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RBA Minutes: September Meetin&hellip