Worker compensation in Australia experienced a deceleration during the opening months of 2024, with private companies leading the slowdown in pay increases, according to government statistics released Wednesday from Sydney.
The Australian Bureau of Statistics reported that its wage price index climbed 0.8% during the January-March period, matching the prior quarter’s performance and meeting economist expectations. Year-over-year compensation growth decreased to 3.3% from the previous 3.4%.
Private sector wage increases fell to 3.2% annually, marking the weakest performance since the end of 2022. Government employee pay growth also declined, dropping from 4.0% to 3.3%. The healthcare and social assistance sectors provided the biggest boost to overall wage increases during the quarter.
