The RBA says several new early indicators it has developed in-house are helping it to build a "fuller view" of wage movements ahead of the release of official figures.
New DEWR data has undercut RBA warnings about the risks of a wage-price spiral, indicating that private sector bargained wage growth remains anchored below 4% a year.
Underpaying employers could face fines of more than $4 million or three times the sum involved, while individuals such as directors and HR managers could face imprisonment and penalties up to $825,000 per breach under further wage theft reforms being considered by the Albanese Government.
Fair Work Ombudsman Sandra Parker has confirmed that she will not seek reappointment when her term expires in July, with DEWR now advertising for her replacement.
The Albanese Government will be able to make substantial progress on its promise of "rebalancing" the FWC, after the tribunal confirmed today that it has funding for 13 new members, or a quarter of its primary appointments.
The ILO is seeking expressions of interest for an Oceania-based legal expert to join its Committee of Experts on the Application of Conventions and Recommendations, following Australian labour law academic Rosemary Owens' departure after 13 years in the role.
Wages in private sector agreements approved in the September quarter remained stuck at 2.9% a year, defying labour shortages and inflationary pressure, according to DEWR data.
A leading IR law academic has welcomed the Albanese Government's return to a more open process for FWC appointments, as DEWR seeks expressions of interest for vice president, deputy president, commissioner and expert panel member roles, but he says structural reform is needed to rebalance the tribunal.
The FWC's new leading indicator of bargained wage rises - officially launched today - shows that deals lodged in the first half of last month paid an average increase of 3%, up on those in the most recent DEWR data.
