Further evidence of the green shoots of a recovery has been provided with today's release of ABS data showing that private sector pay rates excluding bonuses increased by 0.7% seasonally adjusted and 0.5% in original terms in the December quarter.
Labour costs have now dropped by more than 9% in the past year, while working hours have started to recover, according to ABS statistics released this morning that measure more than six months of the effects of the coronavirus pandemic.
Private sector pay rates excluding bonuses increased by 0.1% seasonally adjusted and 0.5% in original terms in the September quarter, according to the ABS.
The first national accounts data to measure a full quarter of the coronavirus economic downturn confirms Australia is in recession and shows a big reduction in hours worked and real labour costs, alongside a substantial increase in productivity.
The coronavirus pandemic has cut growth in the Wage Price Index in the private sector to the lowest level in its 23-year history, the ABS has confirmed today.
Drought, bushfires and pandemic panic-buying have contributed to the highest annual consumer price inflation since 2014, according to ABS quarterly data released today.
The FWC has moved on its own initiative to introduce two weeks' unpaid "pandemic leave" for millions of award-covered workers, as the coronavirus crisis continues.
Growth in private sector rates of pay excluding bonuses remained stagnant at the end of last year, but continued to outpace inflation, according to ABS data released today.
Growth in private sector rates of pay excluding bonuses has dropped to 2.2% a year, after being locked at 2.3% for 12 months, according to ABS data released today.