Wages growth returning to normal
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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