Private sector rates of pay increased to 3.4% annually in the September quarter, up from 2.7% in the previous three-month period, according to the ABS, but aneamic public sector rises have restricted the economy-wide rise to 3.1%.
Private sector rates of pay increased by 2.7% annually in the June quarter, lifting off historic lows but failing to make much of a dent on surging inflation.
Consumer prices are now rising at more than double the pace of private sector rates of pay excluding bonuses, which increased by 2.4% annually in the March quarter, unchanged from the December quarter, according to the ABS.
Just weeks before the May 21 election, annual consumer price inflation has surged to 5.1% annually in the March quarter, well ahead of private sector wage growth of 2.4%, which remains near historic lows.
The ABS has confirmed COVID-19-driven absences of quadruple the normal level in January and almost double last month, when unemployment fell to a record-equalling 4%.
Private sector rates of pay excluding bonuses increased by 2.4% annually in the December quarter, unchanged from the September quarter, but accelerated slightly over the last three months of the year, according to the ABS.
A spike in consumer price inflation, confirmed by the ABS today, might combine with labour shortages to put pressure on wage rises, which remain near historic lows.
The FWC's minimum wage panel has revealed that it is developing a consumer price index for low paid households and a budget of discretionary items required to participate in society, while one of its members says the pandemic will make that already difficult task even more complex.
