If you can’t remember the last time you received a pay rise, it might mean you suck at your job. Alternatively, you can blame Australian wage growth, which has fallen to the lowest level on record. The latest wage price index from the Australian Bureau of Statistics shows just how bleak things have become.
The ABS wage price index measures salary and wage movements among Australian workers. The above graph charts the growth of total hourly wage rates between September 1998 and March 2016 (excluding bonuses.)
Wages increased by just 0.4% during the March quarter, leaving the annual rate of growth at 2.07% after seasonal adjustments. This is the lowest annual increase since the survey first began in 1998.
By state and territory, Tasmania recorded the fastest quarterly increase in wages at 0.7%, while the Northern Territory was the slowest with an increase of just 0.2%. When broken down into specific industries, administrative and support services received the lowest quarterly increase while healthcare, financial services and education / training were the fastest.
Check out the below chart from the ABS to see where your industry placed:
[Via Business Insider]