Business
Wage growth slumps to worst on record as industries suffer pay cuts – Sydney Morning Herald
Wage growth has effectively stopped with the ABS reporting the slowest growth on record, with some industries seeing substantial falls in pay rates.
The head of price statistics for the bureau, Andrew Tomadini, said in original terms there had been a fall in wages for private sector jobs, the first time on record.
“The fall in private sector wages is mainly due to a number of large wage reductions across senior executive and higher paid jobs,” he said.
The national wage price index increased by 0.2 per cent in the quarter to be 1.8 per cent up over the past 12 months, the lowest growth on record. Credit:ABS
The bureau noted more than one …
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