Australian Wage Growth Slows in Q2, Public Sector Sees Significant Gains

New data shows the slowest overall wage growth in a year, while public sector wages rise at the fastest pace in over a decade.

The Australian Bureau of Statistics reported a 0.8% rise in the wage price index for Q2, the slowest quarterly growth in a year.
Public sector wages increased by 0.9% in the June quarter, marking the second-fastest pace in 14 years.
Private sector wages showed a modest 0.7% rise, the lowest since December 2021.
Annual wage growth remained steady at 4.1%, just above the inflation rate of 3.6%.
Economists predict the Reserve Bank of Australia may consider rate cuts as wage pressures ease.