/ 18 November 2021

Wages growth returning to normal

Australian money

That’s according to the Bureau of Stats, which released its latest data yesterday. Despite multiple lockdowns in Oz this year, Aussie wages jumped by 2.2% in the year to September. Commentators say skills/staff shortages during the pandemic have seen many employers offer pay bumps to keep people on and attract new talent. Keep in mind that inflation hit the 10-year high of 3% in Oz in September, so wages haven’t risen as much as price hikes. Earlier this week, Reserve Bank Governor Dr Philip Lowe said he doesn’t expect inflation to become an issue as the post-COVID economy normalises, and interest rates are set to be kept at a record low of 0.1% for some time. So don’t hold your breath for a massive pay rise

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