Australia wages rise annual 1.7% in Q2, miss forecasts

[SYDNEY] Australian wage growth picked up by less than expected last quarter amid a clamp down on public sector pay, a disappointing report given recent coronavirus lockdowns are set to delay recovery even further.

Data from the Australian Bureau of Statistics out on Wednesday showed its wage price index rose 0.4 per cent in the June quarter, under forecasts of a 0.6 per cent increase.

That lifted annual growth to 1.7 per cent, from 1.5 per cent in the March quarter, but again missed forecasts of 1.9 per cent.

Wage growth hit a record trough of 1.4 per cent late last year in the wake of the first major lockdowns, having trended lower for much of the past decade.

REUTERS