Australian workers earn a wage increase of 3.1 percent over the year

Australians' wages are growing at their fastest rate in nearly a decade, with low-skill workers reaping the biggest benefits.

Treasury analysis of Australian Bureau of Statistics data revealed that the wage price index rose 1 percent in the September quarter, to be 3.1 percent higher for the year.

In this context, this increase represents the fastest year-over-year growth rate since the March 2013 quarter, and is much higher than the average annual growth rate of 2.2 percent over the past five years.

Wages for low-skilled workers grew faster in the September quarter than in any quarter since the global financial crisis.

Retail workers witnessed an increase of 2.4 percent.

Hair and beauty workers also got a 2 percent wage increase.

Notably, Chancellor of the Exchequer Jim Chalmers noted that wage growth for low-skilled occupations was driven by the Fair Work Commission's increase in the minimum wage.

Dr. Chalmers stated that the root cause of what is happening is the ongoing war in Ukraine.

He added that current indications indicate that inflation is already heading down, but wages will continue to grow.

In conclusion, he also emphasized his keenness to keep people able to afford the basic cost of living.



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