It seems the long-tightening labour market is starting to impact on wages with both the Labour Cost Index and June Quarterly Employment Survey showing rises.
The LCI shows pay rates rose by 0.6 percent in the quarter and 2.3 percent in the year with overtime wage rates showing their highest growth (0.9 percent) since the series began 12 years ago.
The QES supports the high wage growth story with average hourly wages increasing 2.2 percent in the June quarter to reach $20.28 – the highest quarterly rise since 1990 and the first time average wages have passed $20 an hour.
According to the Department of Labour, increases appear concentrated in those sectors most under pressure (construction is standout) but there are indications of more widespread wage growth.
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