Australians experienced their largest real wage decline on record in 2022

 Australians have experienced their largest real wage decline on record, with nominal wages growing by 3.3 per cent in 2022, well below inflation of 7.8 per cent.

The Wage Price Index (WPI) rose by 0.8 per cent in the December quarter, lifting annual wages growth to 3.3 per cent, according to new Australian Bureau of Statistics data.

It means the annual pace of wage growth increased slightly by the end of December, up from 3.2 per cent in the September quarter, which was smaller than expected.

And that means the 'real' value of wages declined by 4.5 per cent in 2022, the biggest deterioration on record.

Read More: https://www.abc.net.au/news/2023-02-22/wages-growing-at-3-3-per-cent-december-quarter-2022/102007390




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