Between December 2022 and December 2023, wages in Australia grew by around 4.2 percent. Wage growth in recent years has been relatively low in comparison to previous years, in particular in December 2020, which only saw a wage growth of 1.3%.
Inflation and CPI outstripping wages
While wages have increased in Australia, they have still not matched the rate of inflation, which was sitting at 4.1 percent at the end of 2023, down from a high of 7.8 percent at the end of the previous year. The high cost of goods has also put pressure on the public, with the Consumer Price Index standing at around 136 points, compared to a base year of 2011-12.
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Australian Bureau of Statistics. (February 21, 2024). Annual wage growth rate in Australia from Q1 2000 to Q4 2023 [Graph]. In Statista. Retrieved December 06, 2024, from https://www.statista.com/statistics/1324471/australia-annual-wage-growth-wpi/
Australian Bureau of Statistics. "Annual wage growth rate in Australia from Q1 2000 to Q4 2023." Chart. February 21, 2024. Statista. Accessed December 06, 2024. https://www.statista.com/statistics/1324471/australia-annual-wage-growth-wpi/
Australian Bureau of Statistics. (2024). Annual wage growth rate in Australia from Q1 2000 to Q4 2023. Statista. Statista Inc.. Accessed: December 06, 2024. https://www.statista.com/statistics/1324471/australia-annual-wage-growth-wpi/
Australian Bureau of Statistics. "Annual Wage Growth Rate in Australia from Q1 2000 to Q4 2023." Statista, Statista Inc., 21 Feb 2024, https://www.statista.com/statistics/1324471/australia-annual-wage-growth-wpi/
Australian Bureau of Statistics, Annual wage growth rate in Australia from Q1 2000 to Q4 2023 Statista, https://www.statista.com/statistics/1324471/australia-annual-wage-growth-wpi/ (last visited December 06, 2024)
Annual wage growth rate in Australia from Q1 2000 to Q4 2023 [Graph], Australian Bureau of Statistics, February 21, 2024. [Online]. Available: https://www.statista.com/statistics/1324471/australia-annual-wage-growth-wpi/