Finder makes money from featured partners, but editorial opinions are our own.

The industries where wages are growing fastest

Posted:
News
wage price index growth coins toys industry

It's good news for health workers, bad news for mine workers.

The Australian Bureau of Statistics (ABS) Wage Price Index (WPI) for September shows that wages growth throughout Australia increased modestly over the last quarter. However, annual growth rates, although positive, were at the lowest levels since the beginning of the series in 1998.

Analysing the data, among both public and private industries, the greatest gains in annual wage growth were seen in health care and social assistance, rising 2.4%.

The strongest quarterly wage gains were enjoyed by those in accommodation and food services (1.7%).

Within the private sector, Australia's mining industry suffered the lowest growth over the quarter, rising just 0.1% in the three months to September.

Annually, rises in the private sector ranged from 1% for those in mining to 2.5% for electricity, gas, water and waste services workers.

Both mining (1%) and administrative and support services (1.2%) recorded the lowest through the year growth since the beginning of the WPI.

Looking at the public sector, the greatest quarterly wage growth gains were for those in public administration and safety, up 1.1% in the September quarter.

Those in education and training experienced the lowest annual wage growth, up just 0.6% year-on-year.

Annually, rises in the public sector ranged from 1.2% for those in professional, scientific and technical services to 2.4% for education and training workers.

In a speech addressing monetary policy last month, Reserve Bank of Australia (RBA) governor Philip Lowe said excess capacity, lower commodity prices and reduced pricing power forced the wages slowdown.

However, he argued the RBA wouldn't cut rates merely to push inflation back within the 2-3% target band.

Looking for a little extra cash? Empty out the garage! The average Australian household has $5,200 in unwanted goods which could be sold second-hand to generate additional income.

Latest bank account headlines

Picture: Shutterstock

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site