Wage Inflation Pushing 6%
Record low unemployment, house price boom hangover, consumer demand strong - something's gotta give! The June quarter Average Weekly Earnings figures released today show wage inflation pushing 6%pa. Full Time adult ordinary time earnings are up 5.8% for the year and private sector total earnings are up 7.0%.
A report in today's Financial Review refers to 20% to 30% increases required to fill gaps in key resources industry positions in Western Australia. With government sector wages dragging the chain at 3.7%pa watch out for the 'keep up with the Joneses' ratcheting up of wages as happened in the 1970's when the baby boomers were flower children - Ah! 'Those were the days my friend' as Mary Hopkins sang. But they actually did end! The Reserve Bank is less worried about wage inflation and focuses of wage cost indexes which show lower numbers.
Posted Thursday, 18 August 2005
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