Private sector agreements approved by the FWC in the June quarter paid average annualised wage increases of 2.9%, lifting growth to the fastest pace in two years, but remaining at less than half of the CPI.
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.
The Albanese Government's multi-employer bargaining regime will focus on low-paid workers and will not permit sector-wide or industry-wide strikes, according to documents tabled in the Senate.
The Productivity Commission says the workplace tribunal should have a "fast-track process" for early involvement in industrial disputes on the docks, while waterfront employers should have more options for taking their own protected action beyond lockouts.
The FWC has promised today to provide "real-time" data on bargained pay rises, with plans to issue fortnightly reports on wage movements in enterprise agreement approval applications, with the first "proposed report" showing a 3.2% average annualised rise in the first two weeks of July, well ahead of the last official departmental number for the March quarter of 2.7%.
The Albanese Government has told the FWC it backs a minimum pay rise for the 365,000 aged care workers because their work value "is significantly higher than modern awards currently reflect" and "gender-based assumptions" have undervalued their labour.
Treasurer Jim Chalmers says that inflation is likely to peak at 7.75% in the December quarter then decline over the next two years, while real wage rises will return next financial year, but the ACTU says the forecast only "deepens" the pay crisis, with the resumption of growth in mid-2024 meaning workers will have suffered four years of going backwards.
In the wake of the RBA governor's warning about the risks of a wage-price spiral, new A-G's department data shows that bargained pay rises are flatlining at 2.7% a year in the private sector, rising at little more than half the 5.1% rate of headline consumer price inflation.
The Albanese Government did not take a policy favouring industry or sectoral bargaining to the May 21 election, but it has expressed support for New Zealand's model during official discussions this month at the International Labour Organisation.
Agreement approvals have almost halved in the space of about a decade, according to the latest three-yearly FWC general manager's reports, while almost 60% of the 12,300 endorsed in the most recent reporting period contained undertakings.